Netflix subscriber numbers and profits soar, but it’s not chilling
The company booked a $39m charge on unreleased content that insiders say is linked to the Kevin Spacey harassment saga
Los Angeles/Bengaluru — Netflix snagged 2-million more subscribers than Wall Street expected in the final three months of 2017. Profit trebled as a result at the online video service that is burning money on new programming to dominate internet television around the world. The results drove Netflix to a market capitalisation of more than $100bn for the first time. Shares jumped 9% to more than $248 in after-hours trading on Monday — after rallying throughout the month and rising 53% last year. The company has signed up more than half of all US broadband households and is building its customer base in 190 countries by spending billions on programming. Netflix picked up 6.36-million subscribers in international markets in the October-December quarter, when it released new seasons of critically acclaimed shows Stranger Things and The Crown, as well as the Will Smith action movie Bright. That topped Wall Street expectations of 5.1-million new international subscribers, according to Fact...
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