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April 18, 2017 08:00 am

Netflix Nears 100 Million Subscribers

With the release of its first-quarter earnings, Netflix predicted it will surpass 100 million global subscribers this weekend. "The service added nearly 5 million subscribers during the first three months of the year, and will end March with 98.7 million customers in roughly 190 countries," reports ABC News. From the report: About 51 million of Netflix's subscribers are in the U.S. By the end of this year, Piper Jaffray analyst Michael Olson expects the majority of the company's subscribers to be overseas. Netflix ended March with nearly 48 million subscribers outside the U.S. Netflix CEO Reed Hastings expects the next 100 million subscribers to come more quickly than the first 100 million, but he didn't provide a specific timetable during online video review of the company's first quarter. The Los Gatos, California company currently has a market value of about $63 billion. Its stock rose $1.90 to $149.15 in Monday's extended trading, even though subscriber growth during the first quarter came in slightly below management forecasts. As it is, Netflix expects to spend about $6 billion on programming this year. The Los Gatos, California, company earned $178 million on revenue of $2.6 billion in the first quarter. Analysts predict Netflix will make $482 million on revenue of more than $11 billion for the entire year.

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