The streaming platform added another 5.3 million subscribers worldwide in Q3, up 49 per cent year on year, beating its own expectations of 4.4 million.
The bumper stats vindicate Netflix's original content first strategy which has seen it invest substantial sums in hit programmes such as House of Cards, Stranger Things and Orange is the New Black, something it will now double down on by ramping up its content budget still further from $7bn to $8bn in 2018.
Investors continued to focus on Netflix's subscriber and revenue growth, pushing its stock up from a record closing high in after-hours trading.
As always, subscriber numbers are closely watched and globally, the service added 5.3 mln subscribers, compared to Wall Street's estimate of 4.5 million.
The streaming giant is showing no signs of slowing down, and 2018 is set to be a landmark year for the company. Netflix has been increasingly pushing anime content in its library, from imports like Attack on Titan to original series like Neo Yokio. Its customer base is also expected to grow to at least 176 million users by 2020.
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Netflix also has been helped by continued increases in broadband availability and speeds globally and the fact that in most of the world net neutrality regulations allow Netflix to piggyback for almost free on the substantial investment made by cable and telecom companies, he said.
Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Monday, October 16th. The stock has an average rating of "Buy" and an average target price of $200.29.
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Video streaming content provider Netflix already shows some of the Weinstein Company's content on its services and chief executive Reed Hastings said on Monday night at a third-quarter earnings presentation that "it would be extremely unlikely for us to be a bidder". "While we have multiyear deals in place preventing any sudden reduction in content licensing, the long-term trends are clear". Rivals include Amazon.com ( AMZN ), Hulu and CBS ( CBS ) now and soon Apple (AAPL) and Disney will join the fray. Netflix expects to spend $7 billion to $8 billion on programming next year, up from $6 billion this year. State Of New Jersey Common Pension Fund D holds 0.22% of its portfolio in Netflix, Inc. Sarandos said Netflix's films will run the gamut from the $1 million production that will be a Sundance hit to big mobster feature "The Irishman", by famed director Martin Scorsese and starring Robert DeNiro and Al Pacino, which is scheduled for release in early 2019.