Netflix Q3 earnings show 40M registered users, growth isn't slowing
Netflix is out with its Q3 financial earnings, which show growth isn't slowing down for the video streaming giant. The company beat analysts' expectations for the quarter, reporting revenues of $1.1 billion, up from $905 million in the year-on-year quarter, and took $31.8 million in profit.
The real indicator of Netflix's success comes at the subscriber level. The company says it now has 40 million registered users, 29.3 million of whom are found in the US. This means Netflix is now bigger than HBO's 28.7 million subscriber network - a notable accomplishment.
On the international battleground, Netflix still isn't as popular as it is in the US, but growth is increasing. The company added 1.4 million new members during the quarter, for which it thanks expansion in the Nordics and Netherlands. Revenues of $183 million were recorded from international markets, a fraction of the overall revenue of Netflix.
Subscriber growth can be attributed Netflix's slew of original series, which are believed to attract new customers wanting to watch the Netflix exclusives. Netflix's earnings on Monday show that Orange Is the New Black has now passed House of Cards as top original series on the network.
Doing better than analysts expected, Netflix's stock increased roughly 10 per cent in after-hours trading. For the fourth quarter, Netflix expects roughly 2 million more customers in the US (32.7 - 33.5 million total) and 1.3 million internationally (10.1 - 10.9 million total).