Netflix stock is on the rise again as the streaming giants announced an addition of 7.41 million subscribers during Q1 this year. In an earlier report, Netflix had informed the Wall Street that it has been expecting 6.35 million new subscribers.
With this, the company has reached a whopping 125 million subscribers globally.
Furthermore, Netflix aims at adding 1.2 million domestic subscribers in Q2 and another 5 million overseas. According to RBC analyst Mark Mahaney, Wall Street has expected to see guidance of 974,000 and 4.2 million respectively.
Already up by 60% in the last 12 months, Netflix shares are up by another 6% in after-hours trading.
The quarterly shareholder letter published by Netflix always contains some amazing ideas and numbers. But this one seems like a straight shot. Netflix is growing briskly; the Q1 revenue saw a growth of 43%, the fastest-ever seen by the company since switching to streaming!
Since years, Netflix has not been in good terms with the Cannes Film Festival who have doubts over the company’s streaming policy. To lay it off for now, no more Cannes for Netflix. “We will continue to celebrate our films and filmmakers at other festivals around the world but unfortunately we will have to sit out Cannes for now so that our growing French membership can continue to enjoy our original films”, says CEO Reed Hastings.
Netflix is known for using this update even in the recent past considering competitors like Amazon, or other traditional broadcasting networks and movie studios.