Netflix Adds 5.3 Million Subs in Q3, Beating Forecasts

Netflix Adds 5.3 Million Subs in Q3, Beating Forecasts”

Netflix is set to report earnings after the bell on Monday, and the company's stock is slipping in anticipation of the report. It also sees Q4 revenues of $3.274 billion, ahead of Wall Street's $3.15 billion view, and Q4 global net adds of 6.30 million (1.25 million in the US and 5.05 million internationally). The third quarter featured the debut of superhero series Marvel's The Defenders and a new season of drug-trafficking saga Narcos, among other programs. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.76 billion. Goldman Sachs has the highest price target, at $235. A tie-in with T-Mobile US Inc., giving wireless users a free subscription, is adding to the gains. That breaks down to 4.45 million new global customers and 850,000 new additions in the US. He projects fourth-quarter worldwide subscription gains will reach five million, down from an earlier estimate of 5.2 million. The Internet television network reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of $0.16 by ($0.01).

Q4 USA subscriber growth forecasts (net additions): Wall Street expects 1.63 million.

Led by co-founder and chief executive officer Reed Hastings, the company often uses its quarterly letter to shareholders to outline its financing plans.

Netflix posted revenue of $2.98 billion and earnings per share of 29 cents for the three months ended September 30.

The growth train doesn't appear to have many brakes, either. In 2018, Netflix plans to spend $7 billion acquiring TV shows and movies, a 17-per-cent increase over 2017, with a growing share dedicated to exclusives and original productions.

On the books, cash, cash equivalents and short-term investments totaled $1.75 billion at the end of the quarter, compared with $1.73 billion at the end of the previous fiscal year.

Shares of Netflix were up slightly in extended trading - around 2% after the report came out - which is likely a combination of those questions around US growth gauged against its strong performance this quarter.

Netflix crushed its Q3 subscriber growth targets, blowing past them on both the domestic and worldwide fronts.

So best to buckle up.

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