Technology

Netflix has 36 mn subscribers; posts $3 mn profit

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MUMBAI: OTT subscription service Netflix has reported better than expected first quarter results resulting in its stock appreciating by over 20 per cent. It now has 36 million subscribers. During the first quarter three million were added.

For the first time the company‘s revenue in a quarter touched $one billion. The company managed to record profits of $ one million compared to a loss of $five million during the same period last year.

Netflix added a million streaming subscribers in its markets outside the US. It plans to launch in a new European market in the second half of the year. In the US it added 2.02 million new customers. On the content side it has discontinued its deal with Viacom. Netflix will stream content from Nickelodeon, BET and MTV till the end of next month. After that it will let the deal expire. But the company is looking at a deal where it can stream some of Viacom‘s shows. The focus of Netflix is on exclusive content.

Netflix CEO Reed Hastings and CFO David Wells in a letter to shareholders wrote, "The launch of ‘House of Cards‘ provided a halo effect on our entire service. Customer response to the show increased our confidence in our ability to pick shows Netflix members will embrace and to pick partners skilled at delivering a great series".

Netflix‘s share price has crossed $200 compared to a 52 week low of $52 in August.

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