After some initial confusion, Netflix stock surged after hours, a repeat of what it did last quarter, soaring above its all time high price, up over 2% after reporting Q3 numbers which while beating slightly on revenues ($2.99Bn, Exp. $2.97Bn), and beating modestly on non-GAAP EPS (GAAP EPS$0.29, non-GAAP EPS $0.37, exp. $0.32), were far more remarkable for the subscriber numbers, which smashed expectations as follows:
Q3 total net streaming additions 5.3 million, Exp. 4.5 million Q3 domestic net streaming additions 850,000, exp. 774,000 Q3 international net streaming additions 4.45 million, exp. 3.72 million The addition of 5.2 million subs in Q2 was the largest increase ever during the period, which traditionally is among the company’s slowest time of year.
Netflix’ Q4 outlook was in line with expecations and the company now expects Q4 net streaming adds of 6.3 million (1.25m in the US and 5.05m internationally) just fractionally higher than the consensus estimate of 6.29 million and below the 7.05 million in the year ago quarter (which was the company’s all time record high quarter).
The company expects $3.27 billion in Q4 revenue, also above the consensus estimate of $3.15 billion, generating net income of $183 million.
This post was published at Zero Hedge on Oct 16, 2017.
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