Culture

Netflix Shares Soar 16% After Surpassing 203 Million Subscribers

Netflix Shares Soar 16% After Surpassing 203 Million Subscribers”

This means that Netflix may soon be cash flow positive and would no longer need to raise external funding for daily operations.

However, Disney + hasn't come close to Netflix yet.

Netflix expects the next quarter to grow from 203 million subscribers now to 209 million.

This is a lot of people to have subscribed to their streaming service, but Netflix is having a few issues as far as money's concerned.

Among the strong performers for Netflix was the racy historical drama Bridgerton, the miniseries The Queen's Gambit, a new season of The Crown and the George Clooney movie Midnight Sky. Walt Disney Co in December unveiled a hefty slate of new programming for Disney+, while AT&T Inc's Warner Bros scrapped the traditional Hollywood playbook by announcing it would send all 2021 movies straight to HBO Max alongside theaters.

More news: Wayne Rooney thinks Manchester United will win the Premier League

Netflix said it is considering returning some cash to shareholders through stock buybacks. "This approach has allowed us to organically increase revenue by $4-$5 billion annually over the past several years".

In 2020, the broadcast giant also broke its own previous record, growing by 36.6 million subscribers in one year.

Netflix on Tuesday revealed its results for the fourth quarter which saw an addition of over 8.5 million paid subscribers to the platform. But profit decreased to $542 million, or $1.19 a share, from $587 million, or $1.30 a share, the year earlier. Subscriber gains fell, meanwhile, year over year in the latest period, a decline the company had said it expected.

"Our strategy is simple: if we can continue to improve Netflix every day to better delight our members, we can be their first choice for streaming entertainment". "We have a lot of subscribers in the United States, but we want to make more TV time", he stressed. He went on to say that "While the pandemic clearly worked to Netflix's advantage, the company had been preparing for a streaming-first world for more than a decade now".

Netflix is impressed with the performance of Disney +, which is now a huge hit with almost 75 million subscribers.



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