Netflix Gets 16 Million New Subscribers
- Posted On:April 22, 2020
With Netflix becoming one of the nation’s distractions during the Coronavirus crisis, the company has had almost 16 million people who have created accounts in the first three months of the year, the firm said. That is almost double the new sign-ups it saw in the final months of 2019, with these figures in place there is now more than 182 million subscribers worldwide. It added 2.3 million in the United States and Canada in the first quarter for a total of 69.9 million and added 13.5 million internationally.
The streaming giants share price has risen more than 30% this year as investors bet on its capability to benefit from people spending more time indoors.
"Netflix is and will continue to be the media company least impacted by Covid-19," said analyst Eric Haggstrom. "Their business is a near perfect fit to a population that is suddenly housebound."
The company also acknowledged that it had fared well during the crisis, but said it expected “viewing to decline and membership growth to decelerate as home confinement ends, which we hope is soon.”
Netflix said on Tuesday just gone that they expected the current quarter, which ends in June, to slow down a bit. The company has still forecast 7.5 million new subscribers and about $6 billion in sales and $820 million in profit.