Categories: Business

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.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

House Panel Votes to Release Matt Gaetz Ethics Report

The US House Ethics Committee has voted to release its report on former Republican Representative…

4 days ago

ABC News to Pay $15M to Settle Trump Defamation Suit

ABC News has agreed to pay $15 million to President-elect Donald Trump to settle a…

1 week ago

South Korea’s Parliament Impeaches President Yoon Suk Yeol Following Martial Law Scandal

South Korea’s parliament has voted to impeach President Yoon Suk Yeol over his failed attempt…

1 week ago

Syria: Israeli War Planes Carry Out More Than 100 Air Strikes

Israeli war planes have carried out more than 100 air strikes in Syria on December…

2 weeks ago

Donald Trump Threatens 100% Tariff on BRICS Nations

President-elect Donald Trump has threatened to impose 100% tariffs on the BRICS countries if they…

3 weeks ago

Syria Coup: Rebels Take Control of Aleppo

Syrian troops have withdrawn from the city of Aleppo following an offensive by rebels opposed…

3 weeks ago