Netflix on the verge of hitting 100 million subscribers

by Ben Pena April 20, 2017, 9:21
Netflix on the verge of hitting 100 million subscribers

Revenues: $2.64 billion, slightly below the firm's estimate of $2.65 billion, but in line with the consensus. On the other hand, the lack of big-budget productions boosted net income.

Netflix could turn the tide in the second quarter, typically one of its weakest. The company told shareholders that such services are likely to be more directly competitive to existing MVPD services rather than Netflix. They had risen 15 per cent this year through April 13.

Despite the growth, subscription numbers fell short of expectations - the company previously predicted 1.5 million in the USA and 3.7 million internationally. It'll make up some of that in the current period, with a forecast for viewer growth that beat analysts' forecasts. But now he's "super-excited" about Netflix's signing up its 100 millionth customer over the coming weekend.

"That is not a strategy that we think is smart for us since we believe we can earn more viewing and satisfaction from spending that money on movies and TV shows", he said. However, Netflix did provide upbeat guidance for second quarter subscriber additions at 3.2 million, well above the 2.54 million subscribers analysts were expecting.

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Netflix says the opportunity ahead remains "gigantic" despite a slowdown in subscriber numbers, including global markets.

Along with the announcement, the company announced that it has renewed its deal with Adam Sandler to produce four new films, on the back of news that since joining subscribers have watched half a billion hours of his original content.

The heavy second-quarter schedule comes with costs and highlights a dilemma. As a result, Netflix is looking at a potential record-setting high with regards to its stocks today. In fact, free cash flow (FCF) for the company is predicted to hit a remarkable negative $2 billion as compared to 2016's negative FCF of $1.7 billion - a difference of around $300 million. For example, its show House of Cards, which was debuted previous year in first quarter, was shifted to second quarter, which is the reason for their lower-than-expected subscriber growth. Perhaps more surprising, worldwide net additions of 3.53 million also missed guidance of 3.7 million. Revenue grew 35 percent to $2.64 billion. "You really - we're competing with sleep, on the margin". Netflix said it will spend more than $1 billion this year to "drive member acquisition". While the company's growth has slowed in the U.S., it has moved aggressively into multiple global markets.


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