Netflix surpassed the predicted number of subscribers as it added 5.2 million new streaming customers to its bucket in the second quarter. The entertainment channel outdid Wall Street approximations of 3.23 million. The results were same for revenue also but the Earning Per Share (EPS) was low.
Its stock was lifted to 10.4% on July 17 as the foreign subscriptions continued to flow. In after-hours, the shares moved up $16.82 to $178.55 which beat their own record of intraday high of $166.87 on June 8.
Netflix recorded more foreign subscribers than in the United States for the first time in June end. Their subscribers abroad were 52.03 million while United States subscribers numbered 51.92 million.
13 Reasons Why and House of Cards are the two happening television series which have attracted so many subscribers to Netflix.
After an estimated average of 2.59 million as per the data of analytics firm FactSet Netflix got itself 4.14 million subscribers just from the non-US markets. The analysts estimated 631,000 subscribers from the United States but the company beat their projected target when 1.07 million people in the United States subscribed to them.
The analysts have projected 3.2 million international subscribers that Netflix would gain between July and September this year but Netflix has anticipated 3.65 million international subscribers.
The rate at which the subscriptions are happening for the company has a lot of chances to achieve its said target. It spends about $6 billion each year on its content to attract subscribers in their aim to become the top television and movie streaming service across the globe. Although the company seems to have slowed down at gaining subscribers within the United States it has been tailoring its content for different countries and has been adding shows in other languages too.
Some of the leading competitors of Netflix are YouTube and Prime Video.