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Netflix said Monday it added some five million new subscribers over the past three months as profits doubled, in a quarterly update that sent shares of the streaming video giant higher.
California-based Netflix ended the third quarter with more than 104 million paid subscribers, with international memberships hitting 52.7 million and overtaking the number of US subscribers.
Net profits meanwhile jumped to $129 million, more than double the figure from the same period a year ago for the video giant known for "House of Cards," "The Crown" and other original shows that are part of its library.
Revenues in the quarter rose 30 percent from a year ago to $2.98 billion, Netflix said.
"We are growing nicely across the world and are on track to exceed $11 billion in revenue in 2017," a letter to shareholders said.
Streaming has entered its profit-maximization period. For audiences, has the bliss point already been passed?
(Score: 2) by jmorris on Wednesday October 18 2017, @10:27PM
Subscribe if you think you can get your subscription fee's worth of entertainment. Imaginary money is subsidizing a lot of original programming for you to enjoy. Do not invest. You are buying into a $84.4B market cap stock with only $2.7B in current stockholder equity, bad cash flow, net revenue not worth mentioning and an increasingly crowded competitive environment dominated with much larger players with bigger stacks of cash to burn buying original programming. Like most .com types they haven't made money in the past, don't make money now and it doesn't look likely they will make enough in the future to justify the insane valuation of today. Strictly being traded on the greater fool theory of investing that works great until one day it doesn't. Don't be that guy holding it when it doesn't.