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Netflix adds 3.6m subscribers between July and September Netflix adds 3.6m subscribers between July and September
(35 minutes later)
Online TV company Netflix gained another 3.62m subscribers between July and September, to take its total to 69.17m.Online TV company Netflix gained another 3.62m subscribers between July and September, to take its total to 69.17m.
However, the number of new subscribers in the US was less than the company had forecast, prompting shares to fall in after-hours trading.However, the number of new subscribers in the US was less than the company had forecast, prompting shares to fall in after-hours trading.
It attributed this to the "ongoing transition to chip-based credit and debit cards".It attributed this to the "ongoing transition to chip-based credit and debit cards".
The firm said revenue rose to $1.74bn (£1.1bn) from $1.41bn a year earlier.The firm said revenue rose to $1.74bn (£1.1bn) from $1.41bn a year earlier.
In the US it had predicted an extra 1.15m subscribers in the third quarter, but in fact saw just 0.88m new additions.
In a conference call, the chief financial officer David Wells said the move to new chip and pin devices often meant that customers had to re-enter their details.
"There may be other things going on here but certainly the transition is not helping," he said.
Barton Crockett, an analyst at FBR Capital Markets said: "The slowdown in US subscriber growth was particularly disappointing because one would expect that since Netflix just raised rates last week, this number would have been strong."
Mainstream
Internationally, the company added more subscribers than it had predicted, 2.74m compared with a forecast of 2.4m. It has recently launched in Spain, Italy and Portugal and plans to expand into South Korea, Hong Kong, Taiwan and Singapore in early 2016.Internationally, the company added more subscribers than it had predicted, 2.74m compared with a forecast of 2.4m. It has recently launched in Spain, Italy and Portugal and plans to expand into South Korea, Hong Kong, Taiwan and Singapore in early 2016.
"It is clear that Internet TV is becoming increasingly mainstream and traditional media companies are adjusting to the shift from linear to on-demand viewing," the company said in its letter to shareholders."It is clear that Internet TV is becoming increasingly mainstream and traditional media companies are adjusting to the shift from linear to on-demand viewing," the company said in its letter to shareholders.
Last week Netflix, which makes programmes such as House of Cards and Orange is the New Black, increased prices in several countries, including the US, in order to "improve our ability to acquire and offer high quality content".Last week Netflix, which makes programmes such as House of Cards and Orange is the New Black, increased prices in several countries, including the US, in order to "improve our ability to acquire and offer high quality content".
It also decided not renew a contract with the distributor Epix, meaning that thousands of films, such as the Hunger Games and Transformers, will be removed from its site. The company said this was because most of the content was not exclusive and often only available in the US.It also decided not renew a contract with the distributor Epix, meaning that thousands of films, such as the Hunger Games and Transformers, will be removed from its site. The company said this was because most of the content was not exclusive and often only available in the US.
It said that so far it had seen "no material reduction in US feature film viewing".It said that so far it had seen "no material reduction in US feature film viewing".