Netflix shares soar after record growth

Netflix’s shares haven’t managed to climb back to a record set in July but they remain up 77% for the year

Netflix Inc hooked 7 million new streaming subscribers from July to September, a third more than Wall Street had expected, reassuring investors who had anxious the company was facing a slowdown in its fast-paced growth.

Netflix is also looking to redeem itself after missing subscriber estimates in the previous quarter.

Netflix is among the first of the major United States tech firms to report earnings.

Global territories remain the key to the company's future, and accounted for 84 percent of Netflix's new customers in the third quarter.

Djokovic wins in Shanghai, inches closer to top spot
But the Ukrainian's nerves were on display in the long final game of the match, serving a total of three double faults. She saved a set point for Pliskova at 5-6 to go on to win the hourlong first set.


"Our broad slate of original programming helped drive a solid quarter of growth", Netflix said in a letter to shareholders.

Interested in Netflix? Add Netflix as an interest to stay up to date on the latest Netflix news, video, and analysis from ABC News. Just a day earlier, in preparation for Netflix's quarterly earnings report Tuesday, Morgan Stanley had cut the price target for the first time in three months, to $450 a share from $480.

As a result, he reduced his 2019 and 2020 earnings per share estimates for the company to $3.69 and $6.47 from $4.10 and $6.99, respectively.

Netflix ended September with 137 million worldwide subscribers, including 58.5 million in the U.S.

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After the incredible success of "Sacred Games", "Ghoul" and prior to that with a movie called "Love Per Square Foot", Netflix Inc has finally revealed its new plan to take on the might of Amazon Prime, Hotstar and Viacom 18's Voot. Sales grew 34 per cent to US$4 billion, meeting Wall Street forecasts. Said eMarketer media analyst Paul Verna.

This quarter, the company expects to sign up 9.4 million new subscribers globally, far above the 7.18 million average of forecasts compiled by Bloomberg.

Analysts from US financial group Keybanc downgraded their rating on Netflix to "sector weight" from "overweight", questioning whether the company was capable of improving investment returns and margins in years to come.

Why it matters: It's impressive to see Netflix's growth from a DVD-by-mail outlet to the industry's leading video streaming outfit, complete with compelling original content production.

Europe Offers Britain an Olive Branch to Break Brexit Impasse
Many Conservative MPs - reportedly including some cabinet ministers - are concerned a "temporary" backstop would become permanent. Interested in Brexit? Add Brexit as an interest to stay up to date on the latest Brexit news, video, and analysis from ABC News.


"We've come a long way in the five years since launching original content on Netflix", the statement said.

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