UPDATE 1-Netflix's subscriber growth beats on new shows
(Adds details, shares)
July 17 (Reuters) - Netflix Inc <NFLX.O> added more U.S. and
international subscribers than expected in the second quarter as
new original shows such as "13 Reasons Why" as well as the
latest season of hit political drama "House of Cards" helped
attract more viewers.
Shares of the company were up 9 percent at $176.2 in trading
after the bell.
The company said on Monday it added 4.14 million subscribers
internationally in the quarter ended June 30, compared with the
average analyst estimate of 2.59 million, according to data from
analytics firm FactSet. http://bit.ly/2usBBdF
The streaming giant, whose original shows also include
"Orange is the New Black" and "The Crown", added 1.07 million
subscribers in the United States, compared with analysts'
average expectation of 631,000.
The company's typically slow second quarter got a boost from
the shift in the release of the fifth season of "House of Cards"
from the first quarter.
Netflix - which has expanded globally in the last few years,
rolling out shows in different languages - is expecting
international subscriber additions of 3.65 million for the
current quarter. Analysts on average had estimated 3.2 million
The company, which crossed the 100 million subscriber mark
in April, said it expected positive international contribution
for the full year.
Netflix is spending $6 billion a year on content to lure new
subscribers in a quest to become the dominant streaming service
around the world even as it faces a slowdown in the United
The Los Gatos, California-based company said revenue rose
32.3 percent to $2.79 billion in the quarter.
The company's net income rose to $65.6 million, or 15 cents
per share, in the latest quarter from $40.8 million, or 9 cents
per share, a year earlier.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil
((Aishwarya.Venugopal@thomsonreuters.com; within U.S.
+1-646-223-8780; outside U.S. +91 80 6749 1017; Reuters
Keywords: NETFLIX RESULTS/ (UPDATE 1)