Published: Wed, October 17, 2018
Culture&Arts | By Dora Pope

Netflix crowns excellent third quarter

Netflix crowns excellent third quarter

In the USA, where Netflix can already claim nearly half of households as users, the company expects to add 1.8 million new customers this quarter, bringing the domestic total to 60.3 million.

Netflix is not looking to diversify to other areas for now, and is unlikely to feel compelled to for years to come, Reed told the post-earnings interview.

The streaming giant also announced fourth-quarter subscriber growth that blew past expectations.

Netflix predicted it will pick up another 9.4 million subscribers during the quarter ending in December - traditionally one of the company's busiest times because of all the subscriptions given as holiday gifts.

Analysts from USA financial group Keybanc downgraded their rating on Netflix to "sector weight" from "overweight", questioning whether the company was capable of improving investment returns and margins in years to come. The slate included new seasons of the drama Ozark and the animated comedy BoJack Horseman, ' as well as the company's first Indian original series, Sacred Games' and Ghoul.

Netflix shares soared in after-hours trading after the earnings beat, topping $398.

But even at the time, analysts noted that the company tended to follow a pattern of second-quarter dips followed by third-quarter surges; indeed, in the third quarter in 2016, subscriber numbers rose after a second-quarter disappointment.

That helped lift profit more than threefold to 89 cents a share, beating the 68-cent average of analysts' estimates.

Revenue: $4 billion. Analysts were expecting $4 billion, according to Bloomberg.

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"We expect solid 3Q18 results, led in part by Netflix adding a record number of Originals programming hours", Blackledge wrote.

The July letdown sent Netflix stock plunging more than 10 percent, prompting some to speculate the company may have peaked.

Media companies that once sold programs to Netflix for hundreds of millions of dollars are now building their own on-demand services to compete head on.

What about Asia? Netflix doesn't break out subscriber figures by territory, but it did cite the region as contributing to "strong growth".

Netflix has said it plans to invest some $8 billion in original content.

"More than 80 million accounts have watched one or more of the Summer of Love films globally and we are already in production for the next set of original rom-coms for our members", Hastings wrote.

Analysts keep setting the ceiling and Netflix keeps crashing through it.

Hastings, 58, suggested that he wasn't anxious about the competition.

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