Netflix has just released its Q4 earnings and the company absolutely crushed it to close out 2016.
The streaming service giant credits original shows like The Crown, Marvel’s Luke Cage, and Gilmore Girls for the stronger than expected growth, according to Deadline.
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In Q4, Netflix reported $67 million in Net income, which is up 55.2% in comparison to the same period of 2015. While the financial results were impressive, arguably the most eye-opening statistic is the amount of subscriptions the company raked in during the last three months of 2016.
Netflix added 1.93 million subscribers domestically, which exceeded the 1.44 million expected additions. The company also outperformed internationally as 5.12 million members were added, beating out the 3.74 million expected new subscribers.
Reed Hastings, the Netflix CEO, addressed a letter to shareholders.
“We are learning rapidly how best to match content with audience tastes around the world,” he wrote in the letter. “It is clear to us that high quality content travels well across borders.”
Given that Netflix was so successful this past year, financial analysts are urging people to invest in the streaming service company.
In 2017, Netflix has announced that it plans on pursuing further original content. The company is going to invest more than $6 billion on original material, which is a billion more than in 2016.
While some businesses may be concerned about Donald Trump changing policies, Netflix explained that the company believes it will continue to have a superb performance.
“Weakening of US net neutrality laws, should that occur, is unlikely to materially affect our domestic margins or service quality because we are now popular enough with consumers to keep our relationships with ISPs stable,” the company said in its earnings report. “On a public policy basis, however, strong net neutrality is important to support innovation and smaller firms. No one wants ISPs to decide what new and potentially disruptive services can operate over their networks, or to favor one service over another. We hope the new US administration and Congress will recognize that keeping the network neutral drives job growth and innovation.”
Are you surprised by how successful Netflix was in the 2016 fiscal year?
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[H/T Tech Crunch, Deadline]
