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Netflix draws millions of new subscribers

Netflix has added 2.25 million more subscribers, pushing its earnings to $US53 million in the first quarter.

Netflix's first-quarter earnings have soared as another season of the popular political drama House of Cards helped attract an additional 2.25 million subscribers to the internet video service.

The customer growth announced on Monday mirrored management's projections. Investors liked what they saw as Netflix's stock surged six per cent in extended trading after the results came out.

The performance was aided by Netflix's increasing emphasis on exclusive programming such as House of Cards, an acclaimed series starring Kevin Spacey as a cunning politician with a ruthless plan to become president of the United States.

Netflix earned $US53 million ($A56.74 million), or 86 cents per share, during the first three months of the year. That compared to $US2.7 million, or 5 cents, last year.

Revenue rose 24 per cent to $US1.3 billion.

Netflix is not officially on offer to Australians, but many people access it via virtual private networks that bypass geoblocking.


1 min read

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Source: AAP


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