Netflix Saw Strong Growth in The Third Quarter of 2018

Today Netflix reported that they added 6.96 million new users in the third quarter of 2018. This report beat forecasts that expected just 5 million new subscribers and sent Netflix stock higher.

“Netflix’s strong quarter will at least temporarily put to rest questions over the long-term viability of its business and shift focus to the competition, which continues to significantly lag the streaming giant. Netflix added nearly 7 million subscribers in the quarter, easily beating its estimates – and Wall Street expectations – of 5 million. Further, it issued aggressive guidance for Q4 2018, saying it expected an additional 9.4 million subscribers. These positive results come as head-to-head competitors like Amazon and Hulu are ramping up their content investments, and as companies including Disney, AT&T, and Walmart are teeing up their own direct-to-consumer subscription services. However, given Netflix’s longtime leadership and extensive content library, competitors will be hard-pressed to build streaming businesses that can aspire to become market leaders.” Said eMarketer media analyst Paul Verna.

In the United States, Netflix added 1.09 million new subscribers and 3.91 million internationally. This brings Netflix total subscribers to 137 million a userbase that is only behind YouTube’s 192 million when looking at streaming services. In the world of paid streaming services, Netflix has a huge lead over Amazon’s 88.7 million and Hulu’s 55 million according to eMarketer.

In the 3rd quarter of 2018, Netflix reported profits of $403 million compared to just $129.6 million in 2017. Sales jumped 34% to $4 billion and international streaming revenues jumped 49% to $1.97 billion with revenues in the United States increased 25% to $1.94 billion.

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