Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Corporate

Netflix membership climbs with global growth

Netflix

Netflix on Tuesday reported that it remained profitable and added a record number of new subscribers in the final quarter of last year as it pushed to expand globally.

Netflix shares jumped more than five percent to $113.84 after revealing that its ranks of members has topped 75 million and made a profit of $43 million in the final quarter of last year.

Northern California-based Netflix added a record 5.59 million members in the final three months of last year, topping market forecasts.

Netflix said its total membership eclipsed 75 million just hours after the end of the official close of the quarter, and that it expected to add a total of 6.1 million members in the first three months of this year.

Netflix reported net income of $43 million in the quarter despite “foreign exchange headwinds” brought on by a strong US dollar and money poured into expanding to nearly every country but China.

The streaming television pioneer Netflix announced early this month that it had significantly expanded its global footprint to 190 countries, making its Internet TV service available in 130 new markets including India – but not China.

California-based Netflix, which began as a mail-order DVD service but is now producing award-winning original content alongside its offering of older shows and movies, launched in 2007.

Netflix co-founder and chief executive Reed Hastings called it the birth of a new global Internet TV network.”

Netflix is keen to get the streaming service to China’s population, but needs special permission from the government there and expects the process is “going to take time,” Hastings said during a press briefing at the time.

Advertisement. Scroll to continue reading.

Other countries or markets without the service are Crimea, North Korea and Syria due to US government restrictions on American companies, Netflix said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...