Don't miss

Replay


LATEST SHOWS

REPORTERS

The booming business of cannabis in Spain

Read more

EYE ON AFRICA

Tanzanian President dismisses almost 10,000 public servants over forged college certificates

Read more

MEDIAWATCH

French Election: Abstention, Anger & Apathy

Read more

THE WORLD THIS WEEK

Macron vs. Le Pen: France's bitter presidential run-off race (part 1)

Read more

THE WORLD THIS WEEK

Trump's First 100 Days, The Pope in Egypt (part 2)

Read more

FOCUS

Egypt's Coptic Christians targeted by Islamic State group

Read more

THE CAMPAIGN BEAT

France's wartime past takes centre stage in presidential campaign

Read more

#TECH 24

How one NGO is using 3D printers to improve disaster relief

Read more

REVISITED

What remains of Nicaragua’s revolution?

Read more

Netflix growth misses mark despite strong earnings

© AFP/File | Netflix reported a net increase of 4.95 million subscribers, less than reported in the previous quarter

SAN FRANCISCO (AFP) - 

Netflix subscriber growth missed its mark in the first quarter of this year, unsettling investors despite strong earnings figures released on Monday.

The US-based on-demand television service reported a net increase of 4.95 million subscribers, most of those overseas where it has been investing in becoming a global entertainment network.

In comparison, Netflix gained 7.05 million subscribers in the prior quarter, raising expectations in the market.

"We have come to see these quarterly variances as mostly noise in the long-term growth trend and adoption of internet TV," Netflix said in a letter released along with the earnings figures.

The company expected it would add about 8.15 million subscribers overall during the first half of this year as compared with 8.42 million in the same period in 2016.

Netflix shares fluctuated in after-market trades that followed release of the quarterly earnings figures, remaining near the closing price of $147.25 which showed a gain for the day.

Netflix reported profit of $178 million on revenue of $2.64 billion in the first three months of this year as compared with net income of $28 million on revenue of $1.96 billion in the same period a year earlier.

The company described the opportunity for its service as "gigantic" and said it planned to continue investing in films and shows tailored to win fans in countries around the world.

"With a growing member base spread across the world, we seek to please diverse tastes with a wide breadth of content," Netflix said.

Netflix planned to spend a billion dollars this year on marketing aimed at attracting members.

© 2017 AFP