Netflix (NFLX) Reaches 98.75 Million Members

Netflix (NFLX) Reaches 98.75 Million Members

It appears that Netflix Is on the brink of breaking the 100 million global subscriber mark, a truly notable benchmark and, perhaps more importantly, a testament to the advances we have made in terms of video streaming technology; something that only became a common reality roughly ten years ago.

Netflix missed slightly on subscriber estimates for its first quarter earnings report as the streaming giant saw shares initially dip but then rise more than 1 percent in after-hours trading on Monday.

In the quarter, Netflix, based in Los Gatos, Calif., reported profits of 40 cents a share, demolishing last year's 6 cents profit.

Netflix ended March with almost 48 million subscribers outside the U.S.

In the United States, the company added 1.42 million subscribers, compared with analysts' average estimate of 1.50 million.

Netflix said it expects to add 3.2 million new customers in Q2 and to have a total of 8.15 million net adds in the first half of the year - down from 8.42 million in H1 2016.

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Netflix (NFLX) is estimated to have ~19.0 million subscribers in Europe.

Netflix also predicts that the advent of digital distribution services such as Sling, Playstation Vue, DirecTV Now, YouTube TV and Hulu's forthcoming service won't have much of an impact on Netflix business. The company now has over 98.75 million subscribers and it expects to pass the 100 million milestone by this weekend.

Subscriber additions came in just below guidance.

The trend has confronted Netflix with more competition in the battle for household entertainment budgets.

Movie and TV studios typically also demand more money as more people subscribe to channels to in an effort to make as much as possible off their content. Netflix will spend more than $1 billion in marketing this year to drive customer acquisitions. Quarterly revenues of $2.637 billion just missed our consensus estimate of $2.641 billion, but this figure still represents growth of almost 35% year-over-year.

Sacred Games, a Netflix original series in India, was also used an example of an worldwide show Netflix is producing that is Hollywood-level quality. Beating analyst predictions of 2.4 million additional users for what is generally regarded as the slow quarter, the company managed to gain 3.2 million, Reuters reports.

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