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Netflix earned a market capitalisation of more than $100 billion for the first time as record-high net subscriber additions fuelled strong growth in net income in the final quarter of 2017.
The video streaming service added 8.3 million subscribers during the quarter, bringing its total to 117 million. In a letter to shareholders, it said the subscriber growth was the highest in its history and up 18 per cent on a “record” Q4 2016, when it added 7.05 million.
Netflix noted Q4 2017 net additions exceeded its forecast of 6.3 million “due primarily to stronger than expected acquisition fuelled by our original content slate and the ongoing global adoption of internet entertainment.”
Its total net income was $186 million, up from $67 million in Q4 2016, while its total streaming revenue (not including its DVD business) was $3 billion, compared to $2.4 billion in the 2016 quarter. Streaming revenue for all of 2017 was $11 billion.
Author : Saleha Riaz – Reporter