Netflix extended its lead over the streaming competition, adding 8.05 million customers in the second quarter and raising estimates for annual sales and profit margins.
The subscriber results, announced in a shareholder letter Thursday, topped expectations in every region around the world and included 2.8 million new customers in the Asia-Pacific. Analysts expected a total of 4.87 million on average.
This quarter, Netflix expects to deliver earnings of $5.10 a share, higher than Wall Street estimates, on sales of $9.73 billion , which is slightly less than analysts forecast. “The challenge for so many of our competitors is that while they are investing heavily in premium content, it’s generating relatively small viewing on their streaming services,” the company said in its quarterly letter to shareholders.
Netflix plans to stop reporting subscriber numbers next year, which many analysts interpreted as a bad sign about its growth going forward.
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