For the last three months of 2016, historically a strong quarter for Netflix, the company added 1.93 million U.S. streaming subscribers, and 5.12 million international subs. Analysts had forecast net U.S. streaming subscriber adds of 1.44 million and a gain of 3.74 million international subs.
Overall, Netflix posted revenue of $2.48 billion for Q4 2016, in line with Wall Street analyst expectations of $2.47 billion, with net income of $66.7 million (15 cents per share) beating the Street’s estimates of $58 million (EPS of 13 cents).
“We’re seeing as we’re adding more and more global shows that it’s rising all boats across the world,” Ted Sarandos, Netflix’s chief content officer, said during an interview with analysts Wednesday.
“It’s becoming an internet TV world, which presents both challenges and opportunities for Netflix as we strive to earn screen time,” the company said in its quarterly letter to shareholders.
Netflix said it planned to release more than 1,000 hours of original programming this year, up from 600 hours last year. It recently signed a deal with comedian Jerry Seinfeld to stream his show “Comedians in Cars Getting Coffee” as well as two new stand-up specials and other shows he will develop.
Source: Reuters
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