Netflix Adds 7 Million Subscribers, Sends Stock Soaring

Oct 16, 2018  •  Post A Comment

Netflix reported record subscriber growth in the third quarter, suggesting that its miss in the second quarter was an anomaly, Deadline reports.

“The company added 7 million subscribers in the September, exceeding its conservative forecast for 5 million net additions to the service in the third quarter,” Deadline reports. “Netflix added 1.09 million subscribers in the U.S., and 5.87 million internationally, bringing the total number of subscribers to 137 million.”

Deadline adds: “Netflix reported earnings of 89 cents a share, topping analysts’ consensus estimates of 68 cents a share. Streaming revenue surged 36%, reaching nearly $4 billion in the quarter — a performance that matched Wall Street’s forecasts of $4 billion.”

The report also notes: “Investors reacted strongly to Netflix’s results, driving the stock up nearly 12% to $388.49 in after-hours trading.”

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