Netflix reaches 125 mn subscribers; revenue jumps 40% to $3.7 bn: Reports
Netflix Inc. has reported a very encouraging subscriber growth that exceeded even its own forecast, for the first quarter, according to media reports.
The video-streaming giant added 7.41 million subscribers in the first quarter, including 5.46 million internationally, says a report in The Wall Street Journal.
The company also expects to increase subscribers in the current quarter. Netflix forecast a net addition of 6.2 million users, further reads the report. Also, it will spend more than $10 billion on content and marketing this year versus $1.3 billion on technology.
Netflix currently has 118.9 million total paid subscriptions and 125 million total memberships. The international segment now accounts for 55% of overall subscriptions and 50% of revenue.
In its domestic market, Netflix has sought deals with corporate partners, namely Comcast Corp, T-Mobile and European pay-TV operator Sky to bring more subscribers on board.
The company has also been investing heavily in its content to retain and also continue the robust subscriber growth. Netflix expects to spend up to $8 billion on content this year. It will have 700 original shows and movies this year, including 80 series specific to local, non-English-speaking markets, says the WSJ report
Overall for the first quarter, Netflix reported a profit of $290 million, up from $178 million a year earlier. Revenue jumped 40% to $3.7 billion.
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