The Los Gatos, California-based company said revenue jumped 34 percent to $4 billion, matching estimates of Wall Street analysts polled by Refinitiv.
Yesterday we learned that in the United States, Netflix added 1.09 million new subscribers and 3.91 million internationally. It invests billions in original programming and uses those new TV shows and movies to lure subscribers. Those markets boosted Netflix again in the third quarter, contributing 5.87 million new customers.
"The question at the end of Q2 was whether that miss was an aberration or signs of a longer-term slowdown in the business", said Forrester Research analyst Jim Nail.
Executives said audiences welcomed shows tailored to specific markets, such as "Sacred Games" in India, which the company identified as key to its expansion. Further, it issued aggressive guidance for Q4 2018, saying it expected an additional 9.4 million subscribers. In the third quarter of 2017, Netflix earned $0.29 a share.
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Analysts from US financial group Keybanc downgraded their rating on Netflix to "sector weight" from "overweight", questioning whether the company was capable of improving investment returns and margins in years to come.
"Our broad slate of original programming helped drive a solid quarter of growth with streaming revenue increasing 36% year over year and global membership surpassing 130 million paid and 137 million total. We will take one million at a time and figure out how to expand the market as we grow" said Netflix co-founder & CEO Reed Hastings in the interview.
The results, which beat analysts expectations by about 2 million, sent the company's stock soaring about 15 percent during after-hours trading.
Rival Amazon, which launched its Indian studios a year ago, plans for 17 original programs, including shows in Hindi, Tamil and Telugu.
At the same time, Netflix faces competition from deep-pocketed companies such as Amazon and new streaming services from Walt Disney Co and AT&T Inc that are expected late next year. Its biggest worldwide competitor, Amazon, has taken a much different route, pricing its Prime subscription at Rs. 129 per month or Rs. 999 per year.