Netflix reported Tuesday that it added 15.8 million new subscribers for the quarter, more than double its guidance for the period. Netflix had previously told investors it expected to add 7.0 million subs in the quarter, but that was before COVID-19 kept millions of people homebound. An impressive 64 million people chose to view "Tiger King".
"Like other home entertainment services, we're seeing temporarily higher viewing and increased membership growth", Netflix said in a letter to shareholders this afternoon. Disney Plus has grown rapidly and has more than 50 million subscribers in its first five months of operation, but it's a babysitting service and not a real competitor.
For the three months ended on March 31, Netflix recorded $5.8 billion in total revenue, up 29% from the same period past year. Netflix added 2.31 million customers in region, its biggest market. In addition to this, about 34 million watched at least a few minutes of the series, making it one of the most-watched Netflix shows ever.
The company has already finished production on nearly all of its slate for this year, and has also finished filming many programs for next year.
Fortunately, for the current quarter, Netflix is on track to release all its planned shows and movies on schedule. With 182 million subscribers worldwide and a total net worth that has dethroned Disney, Netflix must be on top of the world now, right?
"We work really far out relative to the industry", Sarandos said according to Live Mint.
Hastings said Netflix is "unsure what the future brings".
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Adler said it was his understanding that Cohen was among a number of inmates that will be released because of the pandemic. Adler said several staff and inmates have tested positive for the disease at the NY facility.
Even so, Hastings warned that subscriber growth seems likely to taper off during the second half of the year, given how many new viewers are poring into the service during the first half.
CEO Reed Hastings, who has long affected a brash pose and is never afraid to shiv a rival in these settings, struck a genuinely muted tone from the outset, saying that they're unsure what the future will bring and "our small contribution in these hard times is to make home confinement a little more bearable". "My hat's off to them", he said.
While many companies around the globe have been struggling with the social and economic impacts of the coronavirus, Netflix has not been one of those companies.
In a statement, Netflix said money raised in the debt offering would be used for general corporate purposes that "may include content acquisitions, production and development, capital expenditures, investments, working capital and potential acquisitions and strategic transactions".
The company posted diluted earnings per share of $US1.57, below the $US1.65 consensus. Netflix's shares surged almost 5% to $453.99 in extended trading after the first-quarter report came out If the stock reacts similarly in Wednesday's regular session, shares will hit another high for the Los Gatos, California, company. Analysts on average had expected $5.76 billion.
Netflix saw its subscribers increase due to the coronavirus shutdown.