Netflix reports revenue of $3.7B in Q1, up 40% YoY

Business | Technology 4/16/2018, 10:14 PM
Netflix reports revenue of $3.7B in Q1, up 40% YoY

Entertainment giant Netflix reported $3.7 billion in revenue in the first quarter of 2018, rising 40% compared to the same period a year before, the company said in a report released on Monday. Streaming revenue was $3.6 billion in the first three months of 2018, rising from $2.5 billion year on year.

The service added 1.96 million new subscribers in the United States in the last reported quarter, beating company's projection of 1.45 million. Excluding the US, Netflix gained 5.46 million new users around the world, higher than expected 4.9 million, with the international memberships making up 50% of revenue and 55% of all memberships.

Diluted earnings per share also beat estimates, amounting to $0.64, compared to company's prediction of $0.61, and rising from $0.40 in the first quarter of 2017. Global net adds amounted to 7.41 million, rising 50% year over year and setting a new record for the first quarter. Net income surged on an annual basis, totaling $290 million, up from $178 million in the first three months of 2017. The company projected the net income in the next quarter to reach $358 million.

Netflix plans to invest between $7.5 and $8 billion on creating new content in 2018, including series, films, documentaries and comedy specials, the release highlighted.

Shortly after the release of the report, Netflix’s shares surged over 6% in after-hours trading.

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