Netflix subscriber growth beats estimates, shares surge
(Reuters) - Netflix Inc added more subscribers than expected in the third quarter, as new seasons of original shows such as 'Orange is The New Black' and 'BoJack Horseman' pulled in users. The company's shares were up 13.5 percent in after-market trading on Tuesday
(Reuters) - Netflix Inc added more subscribers than expected in the third quarter, as new seasons of original shows such as "Orange is The New Black" and "BoJack Horseman" pulled in users.
The company's shares were up 13.5 percent in after-market trading on Tuesday. The shares had a strong run until last week's sharp slump, but remain about 80 percent up for the year, outperforming the other members of the high-flying FAANG group.
Netflix has been pouring money - the company plans to spend $8 billion this year - to bolster its original content to fend off intensifying competition from players such as Amazon.com's Prime Video service and Hulu.
The competition is only expected to rise. AT&T is set to launch a new direct-to-consumer streaming service in late-2019, while Walt Disney is preparing to launch a family-oriented streaming service streaming service.
Netflix added a record number of original programming hours in the third quarter, up over 135 percent year-over-year, according to Cowen & Co analysts.
The company said on Tuesday it signed up 1.09 million subscribers in the United States, above analysts' estimate of about 674,000, according to I/B/E/S data from Refinitiv. (https://bit.ly/2NJbjth)
Netflix added 5.87 million subscribers internationally, compared with the average analyst estimate of 4.48 million.
Chief Executive Officer Reed Hastings has been pushing deeper into international markets as growth stagnates in its home market of United States.
The company's net income rose to $402.8 million, or 89 cents per share, in the third quarter ended Sept. 30 from $129.6 million, or 29 cents per share, a year earlier.
Total revenue rose to $4 billion, in line with analysts' expectations of $4 billion.
(Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Stephen Nellis (Reuters) -Apple Inc on Monday said it will offer the ability to store state-issued identification cards digitally on iPhones and that it is working with the U.S. Transportation Security Administration to accept the digital IDs at airports, one of several updates to the software that runs on its devices. It also showed updates to its FaceTime video chat app, adding the ability to schedule calls with multiple attendees and making the software compatible with Android and Windows devices.
LONDON (Reuters) - The bosses of all airlines flying passenger services between Britain and the United States called on Monday for the countries' governments to relax COVID-19 restrictions to reopen travel routes between the two countries. After more than a year of restrictions, the CEOs of American Airlines, IAG unit British Airways, Delta Air Lines, United Airlines and JetBlue Airways Corp said high vaccination rates in both countries meant travel could restart safely. The push for reopening trans-Atlantic routes on Monday comes ahead of meetings between U.S.
BRUSSELS (Reuters) - The European Union's patience towards Britain over Brexit arrangements in Northern Ireland is wearing thin and the bloc will consider its options should Britain continue its "confrontational path", an EU official said on Monday.