Netflix posts huge gains as subscriber growth soars

Netflix

Netflix shares, already up about 78 per cent so far this year, jumped 14 per cent to $394.25 in after-hours trading, and boosted other high-tech stocks. Netflix, Inc. has a 1-year low of $178.38 and a 1-year high of $423.21. By 2022, that's expected to more than double, making India one of the top 10 markets for the services, with subscription video making up nearly 80% of the market, PricewaterhouseCoopers said.

Analysts had cut their price targets for Netflix shares ahead of its earnings report, citing a combination of the strength of the dollar, rising expenses and interest rates. The four make up the so-called FANG group of high-growth companies that in recent months has lost some of its momentum following market-leading gains in recent years.

The service added seven million subscribers worldwide from July through September, far above the target of five million set by Netflix's management and exceeding analyst projections.

"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".

Netflix predicted it will pick up another 9.4 million subscribers during the quarter ending in December - traditionally one of the company's busiest times because of all the subscriptions given as holiday gifts.

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Expansion into new program genres like self-produced romantic comedies and unscripted TV, as well as growth in new geographies like India and broader Asia, suggests 2019 could be even better, the analysts added, reiterating their outperform recommendation.

Netflix said it is hoping to achieve less quarterly variance in margins next year when it expects full-year margins to be at 13%.

After falling short of expectations in the previous quarter, the streaming giant soared to mop the bearish trend, which has traded worries about the company's future. Following the sale, the chief financial officer now owns 1,000 shares of the company's stock, valued at approximately $359,000.

In a letter to shareholders Netflix said that it expected operating margin to be nearer 10pc for 2018, meaning that it will see margins drop in comparison to past year. Netflix doesn't break out its users by market, with the exception of the US, though most analysts agree that the U.K., Brazil, Canada and Mexico rank among the company's largest.

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. For the record Netflix produced shows had over 112 Emmy nominations, and 23 wins (a tie with HBO for the most). Revenue increased 25% to $4 billion. The Internet television network reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.05.

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