Wednesday, August 12, 2020

Netflix wins significantly more customers than expected due to pandemic

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A man turns on Netflix: According to the streaming service, 15.8 million paying customers were added worldwide in the first quarter.

(Photo: dpa)

Los Angeles / Bangalore / Los Gatos The coronavirus pandemic brought Netflix significantly more viewers than expected in the first quarter. Worldwide, 15.8 million paying customers were added, said the US company on Tuesday after the market closed. Experts predicted nearly eight million, according to the FactSet research group. At the end of the quarter, Netflix had a total of almost 183 million paid memberships.

Netflix said that customer growth and the amount of time spent in front of the screen could decrease with the end of contact restrictions. Nevertheless, the company expects 7.5 million new customers worldwide in the current quarter, almost twice as many as analysts estimate.

Revenue for the quarter rose to $ 5.8 billion from $ 4.5 billion in the prior year period, roughly in line with expert expectations. Net income was 709 million, more than twice the previous quarter.

Netflix shares initially rose more than five percent in after-hours trading, but later turned negative. So far, it has gained more than a third this year. In terms of market value, Netflix even managed to outperform its big rival Disney.

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