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Netflix surges on strong subscriber growth Netflix adds more subscribers than thought
(35 minutes later)
Netflix shares jumped more than 10% in after-hours trade after the firm added more subscribers than forecast. Netflix added nearly seven million new customers in the three months to September, bringing its total to more than 137 million members worldwide.
The firm said it added nearly seven million members during the quarter, ending September with more than 137 million members world wide. The firm's shares jumped more than 10% in after-hours trade as it premiered a record amount of original programming.
It had told investors to expect growth of about five million. Shows included new seasons of shows Orange Is The New Black and BoJack Horseman.
The strong growth followed an unusually weak second quarter that had fanned worries about the online streaming firm's future.
Netflix is among the first of the major US technology companies to report earnings to investors this quarter.Netflix is among the first of the major US technology companies to report earnings to investors this quarter.
During the quarter, it added about 676 hours of original programming in the US, 135% more than in the same period a year earlier.
Revenue increased 34% year-on-year to nearly $4bn, while profits more than tripled to $403m.Revenue increased 34% year-on-year to nearly $4bn, while profits more than tripled to $403m.
It had told investors to expect growth of about five million.
The strong growth followed an unusually weak second quarter that had fanned worries about the online streaming firm's future.