- Home
- Showbiz
- Hollywood
- Netflix reports strong subscriber growth in first quarter amid COVID-19 pandemic
Netflix Reports Strong Subscriber Growth In First Quarter Amid COVID-19 Pandemic
Anees Ahmed (@Aneesah05582539) Published April 22, 2020 | 02:25 PM
U.S. online streaming giant Netflix Inc. has reported a strong growth in subscriptions, with 15.77 million new customers in the first quarter of 2020, as people around the world stay at home amid the COVID-19 pandemic
LOS ANGELES, (UrduPoint / Pakistan Point News - 22nd Apr, 2020 ) :U.S. online streaming giant Netflix Inc. has reported a strong growth in subscriptions, with 15.77 million new customers in the first quarter of 2020, as people around the world stay at home amid the COVID-19 pandemic.
Netflix said Tuesday it now has 182.86 million paid subscribers in more than 190 countries and regions, an increase of 22.8 percent from a year earlier. The company also saw a higher-than-expected quarterly revenue of 5.77 billion dollars, against 4.52 billion Dollars in the first quarter of 2019.
Netflix said there have been three Primary effects on the company's financial performance from the crisis.
"First, our membership growth has temporarily accelerated due to home confinement. Second, our international revenue will be less than previously forecast due to the Dollar rising sharply. Third, due to the production shutdown, some cash spending on content will be delayed, improving our free cash flow, and some title releases will be delayed, typically by a quarter," the company said in a letter to shareholders.
"In our 20+ year history, we have never seen a future more uncertain or unsettling. The coronavirus has reached every corner of the world and, in the absence of a widespread treatment or vaccine, no one knows how or when this terrible crisis will end," the letter noted.
"At Netflix, we're acutely aware that we are fortunate to have a service that is even more meaningful to people confined at home, and which we can operate remotely with minimal disruption in the short to medium term," the letter stated.
Netflix said it projected 7.5 million global paid net additions in the second quarter this year as "progress against the virus will allow governments to lift the home confinement soon."
Recent Stories
IMF Officials assure support to Pakistan’s economy
Naqvi directs foolproof measures for protection of Chinese nationals
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
G7 hears calls for 'critical' Ukraine aid
EU seeks to leverage might to confront China, US challenge
5 Customs officials martyred as their vehicle ambushed by terrorists in D I Khan
Pak-New Zealand match called off due to rain
More Stories From Showbiz
-
Death anniversary of famous singer,actress Khursheed Bano observed
22 hours ago -
Bushra Ansari ties knot with Iqbal Hussain
3 days ago -
Rahat Fateh Ali Khan embarks on Umrah journey
14 days ago -
Famous singer Shaukat Ali death anniversary Shaukat Ali observed
17 days ago -
Animal Actor Shafina Shah loses Ms.Pakistan title
17 days ago -
Mehwish Hayat unveils trailer for upcoming film 'Dagha Baaz Dil’
18 days ago
-
Welcome to the Beyonce rodeo: new country album drops to praise
20 days ago -
Welcome to the Beyonce rodeo: new country album drops to praise
21 days ago -
Ex-Gucci star Michele named Valentino creative director
22 days ago -
Asad Siddiqui, Zara Noor Abbas welcome their first baby
23 days ago -
First heroine of Pakistani cinema Asha Posley remembered
25 days ago -
Taapsee Pannu ties knot with Mathias Boe
25 days ago