Popular video streaming service Netflix Inc (NFLX.O) added fewer subscribers than analysts' had estimated, both internationally and in the United States, in the first quarter, sending its shares down about 3 percent after the bell on Monday.Netflix, whose original shows include the award-winning British drama "The Crown" and "A Series of Unfortunate Events", added 3.53 million subscribers outside the United States in the quarter ended March 31. (bit.ly/2puJ1Yt)Analysts on average had estimated 3.68 million additions, according to research firm FactSet StreetAccount.
In the United States, the company added 1.42 million subscribers, compared with analysts' average estimate of 1.50 million.The Los Gatos, California-based company said revenue rose 34.7 percent to $2.64 billion in the quarter.
Net income rose to $178 million, or 40 cents per share, from $28 million, or 6 cents per share.
Netflix, said it expects to add 600,000 subscribers in the United States in the current quarter, above the FactSet estimate of 364,000.In international markets, Netflix expects to add 2.60 million subscribers, above the average estimate of 2.09 million.Up to Monday's close, Netflix's stock had risen nearly 19 percent in 2017, outperforming the roughly 5 percent gain in the broader S&P 500 index .SPX. (Reporting by Narottam Medhora in Bengaluru; Editing by Savio D'Souza)
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Updated Date: Apr 18, 2017 02:17 AM