"The thing is, everybody watches TV, and almost everybody has the Internet", Netflix CEO Reed Hastings said during the company's first-quarter 2017 earnings webcast. Its revenue of $2.64 billion in the first quarter remains flat with $2.64 billion.
About 51 million of Netflix's subscribers are in the U.S. By the end of this year, Piper Jaffray analyst Michael Olson expects the majority of the company's subscribers to be overseas.
Netflix added 1.42 million domestic subscribers, slightly below guidance and consensus of 1.5 million, and directionally consistent with Baird's quarterly US survey which had suggested potential USA weakness.
The results come after Netflix added 7.05 million new subscribers in the fourth quarter of 2016, setting a quarterly record for net subscriber adds. Notably, Netflix moved the release of season 5 of "House of Cards" to the second quarter, instead of the usual first quarter release.
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Regardless of the quarterly miss, Hastings emphasized on the webcast he fully expected Netflix to finally cross the 100 million user mark this weekend - a milestone Hastings has talked about in recent quarters.
Netflix (NFLX) is estimated to have ~19.0 million subscribers in Europe. "If you don't own it because you think Netflix was spending too much money to invest in said growth, you still feel the same way".
In the first quarter the streaming service passed $2.5 billion in revenues and added another 5 million members.
The video streaming service insisted that the lower-than-expected Q1 subscriber growth in both domestic and worldwide markets did not signal any change to its long-term growth expectations.
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Until recently, Netflix had competition in the USA only from Hulu, owned by major media companies like Disney, Comcast and Time Warner.
By comparison, Google says about 1 billion hours of video per day are watched on its mostly free YouTube service.
Net income rose to $178 million, or 40 cents per share, from $28 million, or 6 cents per share.
In the first three months of the year Netflix has seen a growth slowdown. That proved to be a huge success for Netflix when they entered the global market and it looks like Amazon is right on their heels. We're competing with sleep, on the margin. The company plans to spend more on original content this year and reduce outlays on licensed material such as movies.
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