Netflix posts strong earnings and takes aim at traditional movie theaters
Back in April of this year, Netflix broke the news that it has reached 100 million subscribers. That gives it far and away the largest subscriber base of any global streaming video service. And all those paying customers have boosted Netflix’s revenue to new heights. Today the company announced that it made $2.785 billion in revenue for the second quarter of 2017. And it turned a tidy profit, reporting $66 million in net income, up about 50 percent from the same period last year.
The most important number for investors, of course, was subscriber growth. There, Netflix beat expectations: it added 5.2 million new customers in total during the second quarter of this year, versus its forecast of 3.2 million. 1.1 million of these new...