Apr 17, 2017

Netflix claims opportunity 'gigantic' as growth disappoints

In the US, the firm added a third less new members than the same period a year ago, while overseas members fell 22%. Netflix blamed the drop partly on shifting some of its popular shows to the second quarter. The firm said its House of Cards series, which last year debuted in the first quarter but for this year has been pushed into the second quarter, was the main reason for the lower-than-expected subscriber growth. Netflix said it still expected to add 8.15 million new members in total for the first half of the year, just below the 8.42 it added in the first half of last year. Netflix didn't add as many new users in the last quarter as investors had been expecting, both in the US and internationally. The firm increased revenues by over a third to $2.64bn for the quarter compared to the first three months of last year, while net income rose to $178m from $28m. The firm's shares fell in after hours trading, dropping 3% with investors disappointed by the slower-than-expected growth.

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