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Netflix adds more subscribers than expected

18 October 2016

The company reported net income of $51.5 million, or 12 cents a share, compared with $29 million, or 7 cents a share, in the year-earlier period.

The world's largest online TV network rebounded from a weak second quarter, adding about 370,000 customers in the US, more than forecasts of 304,000.

The streaming service is still adding subscribers at a healthy clip: 370,000 new users in the United States and 3.2 million overseas in the last three months, it said on Monday. "The Internet allows us to reach audiences all over the world and, with a growing base of over 86 million members, there's a large appetite for entertainment and a diversity of tastes to satisfy", the company said in its letter to shareholders.

When Netflix blew its Q2, it said one of the reasons was that subscribers had been spooked by reports of its coming price hike - "ungrandfathering", in Netflixspeak.

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Netflix said it added more global subscribers than expected in part because the impact of its original show and movie premieres was "greater than anticipated across many of our markets". The company attributed its better than expected performance to the break out success of its original content, specifically Stranger Things and the second season of Narcos. In April, Amazon announced it would offer a standalone subscription to its Amazon Video streaming content. Amazon prices the service at $8.99, $1 less than Netflix's monthly charge. Analysts on average expected per-share profit of 6 cents - compared with Netflix's guidance for 5 cents - and $2.28 billion in revenue. Through the close, it was down 13 percent so far this year after it was single strongest stock in the S&P 500 index last year.

This time around, Netflix saw renewed strength from its worldwide markets, which accounted for 3.2 million new subscribers. "We now plan to license content to existing online service providers in China rather than operate our own service in China in the near term".

Revenue rose to $2.29 billion from $2.1 billion.