Netflix Q1 2018 financial results, has revealed that the streaming video service hit 125 million subscribers in the first quarter of 2018.
Netflix’s revenue grew 43% year-over-year in Q1, the fastest pace in the history of its streaming business. This growth was thanks to a 25% increase in average paid streaming memberships and a 14% rise in the average selling price. In the quarter, Netflix added 7.41 million subscribers, up 50% year-over-year and ahead of its 6.35 million forecast.
The company said its international subscriber base increased by 5.5 million members to 68.3 million, better than the 4.9 million additions the company predicted. In the US, Netflix added 2 million streaming customers, for a total of 56.7 million, beating its 1.5 million guidance.
Looking ahead, Netflix expects to add 1.2 million streaming members in the US and 5 million internationally in the current quarter. Netflix predicted 79 cents per share in earnings.
Overall, Netflix reported a profit of $290 million, or 64 cents a share, compared with $178 million, or 40 cents a share, a year earlier. Revenue climbed 40 percent to $3.701 billion. Shares were up 6.4 percent at $327.47 after hours.
The company also posted the video of its earnings q&a call for the quarter. In it, content chief Ted Sarandos declined to comment on rumours Netflix is working on a deal with the Obamas.
