WHOOSH: Netflix Blasts Past 40 Million Global Subscribers in Third QuarterPosted: October 21, 2013
Netflix stock soared in after-hours trading approximately 10% on news of the growth. In a move that could also be significant for Netflix’s stock, the streaming service also announced that it would accelerate its schedule of spending on original programming.
That brings Netflix’s domestic streaming audience to 31.9 million. Together with the addition of 1.44 million international subs, that brings Netflix’s global sub base to over 40 million.
Netflix’s own guidance for the third quarter was 30.5-31.3 million domestic subs and 8.3-9 million international subs; street consensus was 31.1 million and 8.7 million respectively.
Netflix may have been helped by positive buzz for “Orange is the New Black,” a comedy series that represented the streaming service’s latest original on the heels of “Arrested Development” and ‘House of Cards.”
In a letter to investors, CEO Reed Hastings credited the growth to both “Black” and the Emmy win for “house of Cards,” as well as the year-over-year comparison with a quarter that saw the Summer Olympics suppress Netflix viewing levels.
Revenue rose to $1.1 billion. Earnings per share was 52 cents.
- Netflix Blasts Past 40 Million Global Subscribers in Third Quarter (variety.com)
- Netflix’s Q3 Beats Analyst Estimates With 1.3M New Domestic Subscribers, $0.52 Earnings Per Share (techcrunch.com)
- The cords are losing: Netflix overtaking HBO in paid US subscribers (techhive.com)
- Netflix’s Earnings Quadruple (nytimes.com)
- Netflix tops 40 million customers total, more paid US subscribers than HBO (engadget.com)
- This is the future of TV (qz.com)
- Report: Netflix overtakes HBO in total paid subscribers (electronista.com)
- Will Netflix Overtake HBO? (benzinga.com)
- 3 Things Netflix Has to Prove Next Week (dailyfinance.com)
- Earnings Outlook: Netflix expected to grow earnings, subscribers (marketwatch.com)