Netflix’s original content attracts 7.4-million new clients in the first quarter
Los Angeles/Bengaluru — Netflix’s blitz of original programmes attracted a surprisingly high 7.4-million new customers from January to March, reassuring investors that are betting the video-streaming pioneer’s massive spending will fuel growth around the world. New shows such as Altered Carbon and O Mecanismo helped Netflix smash analysts’ subscriber estimates, and its better-than-expected second-quarter outlook soothed concerns about competition from Apple and Amazon. Shares of Netflix jumped more than 7% in after-hours trading on Monday to $330.30. The stock is the top performer on the S&P 500 this year, gaining more than 60%. "I don’t think this is a one-time thing," said Chaim Siegel, analyst at Elazar Advisors. "It’s very similar to the results we saw last quarter. It’s getting better." Wall Street expected Netflix to add 6.5-million new subscribers, according to FactSet data. Netflix topped that and also said it would bring in 6.2-million more customers from April through June...
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