Wednesday , 22 May 2019
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Netflix adds almost 5 million subscribers in Q1

Netflix adds almost 5 million subscribers in Q1

Netflix added 4.88 million new subscribers in the first quarter, to take its customer base to 62.27 million at the end of March. The result was better than its forecast for 4 million net customer additions. In the US, the company added 2.28 million streaming customers for a total 41.40 million, and revenues grew to USD 985 million from USD 799 million a year earlier. 

International customers increased by 2.60 million to 20.88 million, and revenues rose to USD 415 million from USD 267 million a year ago. The operating loss from the international activities narrowed to USD 65 million from USD 79 million in Q4, but Netflix said this will swell again to over USD 100 million in Q2 following its recent launch in Australia and New Zealand. 

Total operating profit for Q1 was little changed year-on-year at USD 97 million, while net income more than halved to USD 24 million, hurt by negative currency effects. Free cash flow was a negative USD 163 million as the company continues to invest in original content. 

For the second quarter, Netflix expects net additions in the US to slow to around 0.6 million, and its international markets to gain around 0.9 million customers. The company plans to launch in more countries later this year, starting with Japan. Revenue in the second quarter is expected to grow to around USD 1.474 billion versus USD 1.400 billion in Q1, while net profit drops to an estimated USD 16 million.

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