Netflix recently added more than 130 countries to its world service map, and now it's revealing the effect of that expansion: a record number of new subs.
The video-streaming service just posted its first-quarter results for 2016. And buried between a bunch of boring financial stats, Netflix announced that its customer base has reached 46.97 million in the US and 34.53 million internationally, for a total of 81.5 million subscribers. That’s an increase of 6.74 million over the three-month period that ended 30 March.
Those numbers also mean 42 per cent of Netflix's customer base is now outside the US. Despite these results, Netflix's share price still dived 12 per cent in after-hours trading simply because the company forecasted next quarter won't be as stellar. It only expects to add 2 million new customers overseas, whereas analysts are expecting 3.45 million new subs.
Netflix expects to add 500,000 new customers in the US next quarter. For comparison, it added a record 5.59 million subscribers last quarter, with a majority of them coming from outside the US.
As for that boring financial stuff, Netflix reported $1.96 billion in revenue in Q1. It also recorded $49 million in operating income, a huge dip from $92 million for the same period last year.
Netflix is blaming that dip on the cost of its international expansion.