Netflix Adds 7 Million Subscribers, Beats Estimates, Sends Stock Soaring 12%

NFLX EPS Estimates for Current Quarter data by YCharts

NFLX EPS Estimates for Current Quarter data by YCharts

Netflix revenue in the quarter increased 34% year-on-year to almost $4bn, while profits more than tripled to $403m. Analysts were looking for $0.68 a share.

"It was a surprisingly good quarter that caught a lot of the financial community off guard", said Jim Nail, a senior analyst at Forrester Research. In the same quarter past year, it posted a profit of 41 cents a share. In the same quarter past year, Netflix pulled in $2.98 billion in sales.

"We expect solid 3Q18 results, led in part by Netflix adding a record number of Originals programming hours", Blackledge wrote.

Executives said audiences welcomed shows tailored to specific markets, such as "Sacred Games" in India, which the company identified as key to its expansion. Netflix doesn't break out its users by market, with the exception of the USA, though most analysts agree that the U.K., Brazil, Canada and Mexico rank among the company's largest.

In the current quarter, Netflix is forecasting net new subscribers of 9.4 million, including 1.8 million new subscribers in its domestic market and 7.6 million in worldwide markets.

The numbers are likely to restore investor confidence in the streaming service, which when reporting second-quarter earnings in July fell short of analysts' forecast for new subscribers by more than 1 million.

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The Los Gatos, California-based company said revenue jumped 34 percent to $4 billion, matching estimates of Wall Street analysts polled by Refinitiv. Netflix said its bottom line would be weighed down by having to recognize on its income statement the money it's invested in licensing and developing movies and shows, particularly its "Originals". While the company reports a net profit, it spends more than it takes in and borrows frequently to finance its programming budget.

During the September quarter, Netflix added about 676 hours of original programming in the United States, a 135 percent increase from a year earlier, according to Cowen and Co analysts. As the company expands its capabilities internally, it found it needed more production capacity - leading to the acquisition of a studio in Albuquerque, New Mexico.

Media companies that once sold programs to Netflix for hundreds of millions of dollars are now building their own on-demand services to compete head on.

The company also singled out "To All the Boys I've Loved Before" as one of its "most viewed original films ever with strong repeat viewing".

Hastings, 58, suggested that he wasn't anxious about the competition. "We're just going to focus on that for a very long time".

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