May 19, 2020

Netflix’s revenues surge as it passes 100m members

Prasun Bose
1 min
Netflix’s revenues surge as it passes 100m members

Netflix’s second quarter figures for 2017 revealed that the streaming platform has passed the 100 million global subscriber mark.

In financial terms, the growth has resulted in a 32% rise in second quarter revenues to $2.8bn, with that number expected to reach $3bn in the third quarter.

Profits for the three months leading up to June were $65.6m, up roughly 60% year-on-year.

While it has added over a million subscribers in the United States, the biggest gains made by the Los Gatos-based company have been overseas.

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Efforts to push its service to an international audience have worked as they increased their non-U.S. subscription base by over four million. Over half its members are now international.

The figures exceeded expectations in a quarter that has historically been the company’s slowest, as it recognised in its earnings report.

“In Q2, we underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories,” Netflix said.

Shares in the company rose by more than 10% in the hours after the figures were announced.

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