Netflix (NFLX) Reaches 98.75 Million Members

Netflix: Nope, we don't want sports

Quarterly revenues of $2.637 billion just missed our consensus estimate of $2.641 billion, but this figure still represents growth of almost 35% year-over-year.

Revenues jumped 35 percent to $2.6 billion as the company's launch in 130 new countries last January paid dividends.

Around 51 million of Netflix's users are from the U.S. By the end of 2017, Piper Jaffray analyst Michael Olson anticipates the bulk of the company's subscribers to be from outside the nation. Netflix made the prediction Monday with the release of its first-quarter earnings.

Netflix finished the first quarter of this year with 98.75 million subscribers and predicted that its ranks would crest 100 million this weekend. Wall Street had been modelling for Netflix to earn 24 cents a share excluding items on sales of $2.76 billion.

For the second quarter, Netflix set its targets at roughly 600,000 domestic subscriber additions and 2.6 million new global customers.

Netflix is to spend over $1 billion on marketing this year as it looks to boost subscriber numbers.

Shares of Netflix (NASDAQ:NFLX) opened at 139.76 on Monday.

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In the wake of a series of genre-busting content and platform deals that have blurred the lines between broadcasters and subscription video-on-demand (SVOD) providers, Netflix flatly rejected the possibility of live sports programming on its platform.

"Additionally, investors ask us about Amazon's move into NFL football". Formidable Asset Management LLC now owns 4,695 shares of the Internet television network's stock worth $582,000 after buying an additional 36 shares during the last quarter.

"We don't think it will have much of an impact on us as Netflix is largely complementary to pay TV packages", the report read.

Indeed, the company noted that the USA and other established markets have been funding worldwide expansion for several years. Baird remains positive on the global growth opportunity, but views valuation as fair in light of increasing competition, rising content costs and steep free cash flow losses, which the company expects to continue.

"We have come to see these quarterly variances as mostly noise in the long-term growth trend and adoption of internet TV", Netflix wrote.

Netflix's marketing budget has almost doubled over the past few years from $607,186 in 2014 to a forecast of more than $1 billion this year.

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