Netflix up to 81.5 million subscribers, but stock sinks on horrible forecast

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Source:   —  April 19, 2016, at 3:13 AM

Netflix had a solid start to two thousand sixteen, reporting that it presently has eighty-one. five million subscribers worldwide.

Netflix up to 81.5 million subscribers, but stock sinks on horrible forecast

Netflix had a solid start to two thousand sixteen, reporting that it presently has 81.5 million subscribers worldwide. But that wasn't excellent sufficient for Wall Street.

The streaming giant, in reporting its first quarter earnings on Monday, also forecast that subscriber growth in the second quarter would be below industry expectations. That news sent Netflix (NFLX, Tech30) shares down eleven%.

Netflix added 2.23 million subscribers in the U. S. latest quarter, and income was up eighteen percent over latest year. The company said that forty-two percent of its subscribers are exterior the United States.

The disappointing forecast for the following quarter looks to be due to a weaker than expected international subscriber projection in the second quarter.

The first quarter was helped by several series including "House of Cards," "Fuller House," and Marvel'south "Daredevil."

Netflix also said that its implementation of a $2 price hike for its long-time subscribers will be rolled out "slowly over the year, rather than mostly in May" so that the company can "memorise as we go."

"We particularly don't necessity the income in the brief term, so it'south fine to just spread it out," Netflix CEO Reed Hastings said during the company'south interview with analysts following the earnings report.

Meanwhile, Netflix rival Amazon announced Sun night that its monthly subscription option for its bundle of Prime services, love free shipping and original content, would comprise a monthly subscription option.

Related: Amazon Prime goes monthly in new challenge to Netflix

Up until this point, Prime service has been only available as a $99 annual subscription. It'll presently have Prime Video, a stand alone service for its film and TV collection, that'll cost $8.99 a month.

"It'south natural that everybody is coming in as they realize that the future is internet TV," Hastings said. "This is all portion of the natural evolution from linear TV to internet TV."

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