Netflix books a healthy profit thanks to higher prices
Netflix reported a healthy profit for the first three months of 2017, but missed its own projections for revenue and subscriber growth. It booked $2.64 billion in revenue and added just under 5 million new subscribers. Thanks to higher prices and a maturing business overseas, Netflix reported a net income of $178 million, more than six times the profit it had during the same period last year. It should cross the 100 million subscriber milestone easily next quarter.
“Our year-over-year streaming revenue growth is benefiting from a price change in mid 2016, and will moderate over the course of the year to track membership growth more closely,” the company wrote in its quarterly letter to investors. “We are seeing a small but steady...