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Netflix foreign subscriptions overtake US for the 1st time, shares jump 10%

Faces competition from streaming video providers such as Amazon.com Inc's Prime Video and YouTube

Reuters 

Netflix Inc crushed Wall Street forecasts by adding 5.2 million new streaming customers in the second quarter and predicted continued momentum as foreign subscriptions topped those in the United States, lifting its stock 10.4 per cent on Monday. Shares of the streaming-television pioneer jumped $16.82 to $178.55 in after-hours trading, beating their all-time intraday high of $166.87 on June 8. Netflix expects foreign growth to bring its first full-year profit for overseas markets in 2017, the company said in a letter to shareholders. At the end of June, Netflix for the first ...

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First Published: Tue, July 18 2017. 10:27 IST
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