Netflix Subscribers Hit 104 Million Worldwide
Netflix shares surged on July 17 after the company announced it now had about 104 million subscribers, a larger-than-expected number that boosted revenues.
According to the company’s bosses, the gains were a sign that investment in new shows and movies was paying off as online television becomes more popular.
Netflix is behind shows such as 13 Reasons Why, about teen suicide, and political drama House of Cards.
The company CEO and co-founder Reed Hastings said it was “the rewards of doing great content”.
Netflix Shares Jump 20% on Record Number of Subscribers
Netflix shares rose more than 10% in after-hours trading following the announcement of its second-quarter earnings.
It said it added about 5.2 million members during the quarter, mostly from overseas.
International members now account for about half of Netflix subscribers.
Netflix Goes Live in Nearly Every Country in the World
Netflix has cultivated those audiences with movies such as Okja, a movie made by one of South Korea’s top directors about a young girl’s quest to recover a giant companion from a multi-national corporation.
The company also said it expected international members to help boost profits for the year – a first for that part of the business.
The growth helped Netflix to report a 32% rise in second quarter revenues to $2.8 billion, and it expects revenues to reach nearly $3 billion in the third quarter.
Netflix profits for the second quarter of 2017 were $65.6 million, up about 60% year-on-year.