Netflix announced its third-quarter results on Wednesday recording $5.2 Billion in revenue and the addition of 6.8 Million subscribers. However, it missed out on the analysts’ expectations by margins.
The company forecasted the additional subscribers to rise up to 7 Million subscribers. While it added more 0.7 Million subscribers and surged its revenue by $1.2 billion compared to the last year, same quarter. At the end of the quarter, it has now 158 million subscribers worldwide.
Thanks to “The Stranger Things” that brought in more binge-watcher. Around 64 Million accounts watched the show in the first four weeks of release. Following the earnings call, Netflix’s share rose 7.9%. Its shares had dropped 18% over six months over the slowing down growth.
The company’s statement following the earnings call
A streaming war is calling ahead of the launch of Disney+, Apple, HBO, and NBCUniversal. Netflix costs $12.99/month while its rivals are literally cutting the subscription fee to half. However, the company’s recent statement implies that it fears no competition.
“While the new competitors have some great titles (especially catalog titles), none have the variety, diversity, and quality of new original programming that we are producing around the world,” Mr. Reed Hastings, CEO of Netflix said in a statement.
Netflix’s bid for the future.
The company is expecting to add 7.6 Million for the next quarters which is less as it added 8.8Million subscribers for Q4 last year. Netflix started the creation of original content in 2012 and is expanding aggressively and striving to create the best series and movies for the consumers.