Netflix surges on strong subscriber growth

Netflix surges on strong subscriber growth

Netflix surges on strong subscriber growth

Streaming and internet TV giant Netflix added 5.2m subscribers in the second quarter. And that pushed the streaming firm's stock price up by 10.7% after hours.

This year, Netflix will release 40 movies ranging from big budget popcorn films such as Okja, War Machine, and Bright to smaller titles, including productions that would likely never have made it to the big canvas.

24/7 Wall St. has included some highlights from the second-quarter earnings report as well as what analysts are saying after the fact.

In its annual letter to shareholders, Netflix said it also crossed two "symbolic milestones" during the quarter - crossing the 100 million member mark and adding more worldwide than domestic members.

Shares in the video streaming platform have surged since Monday when the company reported a record 104 million subscribers. The revenue figure was slightly above analyst expectations of $2.76 billion, but EPS fell just shy of analysts' forecasts of 16 cents.

The company has cut shows that weren't attracting sufficient numbers of viewers, taming costs as it boosted subscriber numbers in a combination that played well with investors, according to analyst Mr Enderle.

Though the data fluctuates month to month, there is an overall decline over the past year.

"The large-cap tech companies, especially Amazon, are investing heavily in original and licensed content around the world", Netflix said in its earnings release. In the second quarter, Netflix also reported a slightly narrower loss than expected for its global operations in the second quarter, $13 million compared with the $28 million loss it expected.

A strong slate of TV series, such as "13 Reasons Why" and the latest season of "House of Cards", brought in more customers than Netflix had predicted for the second quarter, typically its slowest season of the year.

Just last week 27 Netflix Originals received 91 Emmy nominations.

Netflix's video library includes three type of content: originals (self-produced and licensed) and 2nd run titles licensed from ABC, Disney and others. They also have their sights set on Hollywood. Stay tuned with us for more details.

"We're a super network that addresses content desires and needs across the board, including unscripted, but also kids and film", said Sarandos (pictured).

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