Netflix Says "House of Cards" is the Reason for Subscriber Growth
April 23, 2013 12:48 PM
Netflix grabbed 2 million new customers for its U.S. streaming service in Q1
Netflix's first quarter financial earnings report managed to beat analysts' expectations, and it's all thanks to the company's new original series
"House of Cards."
For Q1 2013, Netflix posted $1 billion in revenue -- a 17 percent increase from a year earlier. The video streaming company also reported $19 million in net income and adjusted earnings per share of 31 cents. Analysts had previously predicted about 19 cents per share.
Another huge plus in Q1 was subscriber growth. Netflix grabbed 2 million new customers for its U.S. streaming service, bringing the total to 29.2 million. Outside of the United States, Netflix signed 1 million new customers, bringing the worldwide total to 36 million.
Investors were pleased with the surprising results. Many had thought Netflix wouldn't continue growing fast enough to pay for all of its content from major providers like Disney and Warner Bros.
Shares jumped to $216.62 in after-hours trade Monday after closing at $174.37 on NASDAQ.
According to a letter to shareholders, Netflix's new original series "House of Cards" is the reason for the continued subscriber growth.
"The launch of 'House of Cards' provided a halo effect on our entire service," Netflix Chief Executive Officer Reed Hastings and Chief Financial Officer David Wells said in a letter to shareholders.
"House of Cards" is a political drama series starring Kevin Spacey. The show, which launched February 1, 2013, follows a Democrat from South Carolina's 5th congressional district who was passed up for a job as Secretary of State -- and he gets his revenge on everyone who has wronged him.
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