Netflix crushes estimates with record quarter, Companies & Markets News & Top Stories

Netflix Posts 207% Earnings Growth CSX Beats

Some have begun to question, however, whether Netflix's business model is as durable as the share price action suggests, given the huge investments the company has begun to make in its own content, and burgeoning competition. "The variance relative to forecast was due to greater-than-expected acquisition globally, with strong growth broadly across all our markets including Asia".

For the current quarter, Netflix forecast it will add 1.8 million customers in the United States and 7.6 million in worldwide markets.

Netflix shares soared 15% after reporting its Q3FY2019 earnings and recording 130 million paid subscribers and 7 million on free trial.

Analysts estimate that it added about 676 hours of original programming in the USA in the most recent quarter - 135% more than in the same period a year ago.

The company also gave a bullish forecast for growth in the fourth quarter, predicting that it would bring in 9.4 million new subscribers.

"It was a surprisingly good quarter that caught a lot of the financial community off guard", said Jim Nail, a senior analyst at Forrester Research. But the recent tech selloffs left and right have done nothing to boost investor confidence and Netflix stock could be set to take another hit.

During the September quarter, Netflix added about 676 hours of original programming in the United States, a 135 percent increase from a year earlier, according to Cowen and Co analysts.

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Netflix will then segue to a raft of high-end film offerings that spell its most serious push into Hollywood's competitive Oscar season.

"We've come a long way in the five years since launching original content on Netflix", the statement said.

Most of the analysts with a bullish stance raised their share price targets as the 21-year-old company soothed doubts about its global prospects after issuing an upbeat outlook for the current three months with plans to add a record number of customers this year. And even USA growth supposedly remains strong, despite fears of a stagnating market. Netflix is about as close to an "open-ended growth" story as you can find in today's market, he said. "That's a really good number for a market that's this mature".

The Los Gatos, California-based company said revenue jumped 34 percent to $4 billion, matching estimates of Wall Street analysts polled by Refinitiv.

Netflix has upended the economics of pay TV by offering customers thousands of programmes on-demand for a monthly fee that's a fraction of the cost of a multichannel cable or satellite package.

Is Netflix anxious about competition yet?

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