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Netflix churns higher after delivering on U.S. subscriber growth

Jan. 19, 2016 4:25 PM ETNetflix, Inc. (NFLX) StockNFLXBy: Clark Schultz, SA News Editor40 Comments
  • Netflix (NASDAQ:NFLX) announces it brought in 1.56M net subscribers in the U.S. during Q4. That mark compares very favorably to the consensus estimate of 1.37M and guidance from Netflix for 1.3M adds. In Q3, the company reported 880K net adds in the U.S.
  • International subscribers added were 4.04M net.
  • Total Netflix memberships at the end of the quarter were 74.76M.
  • Q4 total streaming contribution margin dropped as expected to 16.2% vs. 17.5% in Q3. The contribution margin rate in the U.S. was 34.3%.
  • Prices in the U.S. rose 4.3% Y/Y with the Ultra-HD plan helping to pull up the average.
  • Guidance for Q1 is for 1.75M U.S. adds and 4.35M global which would put Netflix at over 80M subscribers.
  • Netflix says "uncertainty" in China leads to only modest expectations for the giant market.
  • The company take a shot at NBC over ratings, noting there's no way for third parties to nail down viewership totals with accuracy.
  • The quarter ended with Netflix sitting on $2.4B in debt. A debt raise in the late portion of 2016 or early part of 2017 is likely.
  • Q4 shareholder letter (.pdf)
  • NFLX -+7.33% after hours to $115.61 to follow a 3.7% rise in the regular session..

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