Will Disney+ grow to the scale Netflix is? ‘I can’t imagine it,’ Barry Diller tells FOX Business.
Shares of Netflix jumped 10 percent after reporting the latest quarterly results.
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In the premarket, shares are trading at $309 per share, up from Wednesday’s close of $286.29.
Netflix added 6.8 million subscribers worldwide from July through September, below the 7 million customers that analysts expected.
Some investors were expecting a larger letdown.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 286.28 | +2.03 | +0.71% |
The slowing growth comes as competition is coming for them from Apple and Walt Disney.
Netflix said it expects to add another 7.6 million worldwide subscribers during the final three months of the year, down from 8.8 million during the same period last year in an acknowledgment of the fiercer competition.
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Netflix is counting on the unique lineup of award-winning TV shows and movies that it has amass since expanding into original programming six years ago to help it retain its competitive edge and attract more subscribers.
As for other numbers, Netflix’s net income rose to $665 million, or $1.47 per share, from $403 million, or 89 cents per share, a year earlier. That topped Wall Street’s target of $1.04.
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Total revenue rose to $5.25 billion from about $4 billion. Analysts on average had expected $5.52 billion.
The Associated Press contributed to this article.
