Netflix Soars To Over 137 Million Subscribers

Netflix

Netflix regained its stride with surprisingly strong subscriber growth in the third quarter, after an unexpected springtime stumble triggered fears that it was losing its allure.

In a letter to investors, Netflix said that the company recognizes making "huge cash investments in content" and assures them [investors] of having "high confidence" in the fundamental economics, which is required to remain profitable. The company believes that global markets will one day account for 80 percent to 90 percent of its customer base (like fellow internet giants Facebook and Google).

Looking ahead to the fourth quarter, Netflix expects to add another 9.4 million subscribers-1.8 million in the US and 7.6 million internationally. The stock has a market cap of $162.92 billion, a P/E ratio of 277.12, a price-to-earnings-growth ratio of 4.67 and a beta of 0.89.

So when Netflix smashed its third-quarter subscriber growth target on Tuesday night, its shares leaped by 14 per cent. Netflix brought in seven million extra subscribers, a couple of million more than it had forecast in July.

Netflix distributes dramas, movies and other video content over the Internet at a fixed subscription price. Netflix parents are happy to pay for that kind of babysitting so long as the content is there.

The firm is the third on Wall Street this week to cut its outlook on the stock ahead of earnings, as Goldman Sachs and Raymond James both slashed their Netflix price targets on Monday.

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The video-streaming service added 7 million subscribers worldwide from July through September, far above the company's target of 5 million and exceeding analyst projections.

Shares of NFLX stock traded up $13.27 during mid-day trading on Tuesday, reaching $346.40.

Netflix had told investors it expected to add about five million members in the quarter. That's an increase of 15% and 13% compared to Q4 a year ago.

In the quarter, Netflix gained 5.9 million new subscribers overseas and 1.1 million in the US. Based on 36 analysts polled in the last 3 months, 24 rate a Buy on Netflix stock while 10 issue a Hold, and only 2 recommend a Sell. That beat analysts' average estimate of 68 cents, according to Refinitiv.

"We don't believe in 'open-ended growth stories.' But, darn, (Netflix) is about as close to one as you can find in today's market", RBC analyst Mark Mahaney said in a note. Disney and AT&T Inc, the parent of Warner Bros. and HBO, are each looking to introduce new services next year - after completing takeovers of other companies worth a combined $160 billion.

Well, in a report via BBC, it seems that Netflix has not only done well, but it's done much better than expected!

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