grows to 69 million members - 15th October 2015
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television giant Netflix says its global membership
grew to 69.17 million as it gears for further expansion.
Netflix's quarterly update, with results which fell
short of most forecasts, pulled its shares down heavily
in after-hours trade.
slid 6.9 per cent to $US110.23 ($A150.83) in electronic
trades following the results.
said it added 3.6 million customers over the past
three months as it readies launches next week for
Spain, Italy and Portugal, and predicted it would
end the year with 74 million.
now available in more than 50 countries, has announced
it would launch soon in South Korea, Singapore, Hong
Kong and Taiwan, and has an ambitious goal of being
in 200 markets in the coming years.
US giant first made its debut in Asia earlier this
year launching service in Japan.
remain on track to become global by the end of 2016,"
said a quarterly letter from chief executive Reed
Hastings and finance chief David Wells.
global growth was as we expected, our forecast was
high for the US and low for international."
added 880,000 new US members in the quarter and 2.74
million in other markets.
rapid expansion is likely to affect the bottom line
at Netflix, which is leading the market for internet-based
television that can be streamed on demand.
company said that it expects "to run around break-even
through 2016 and to deliver material profits thereafter".
the past quarter, Netflix posted a net profit of $US29.4
million on revenues of $1.7 billion. While revenues
grew 23 per cent from a year ago, profits were halved.
raised prices in the US and several other countries
in the past week, saying it was needed "to improve
our ability to acquire and offer high quality content".
has been expanding its original content as it faces
increasing competition from rivals such as Hulu, Amazon