Netflix is benefiting from lockdowns as people search for online distractions. The streaming service is now even harder for rivals to beat, writes jennifersaba.
Netflix said on April 21 that it added just under 16 million subscribers globally during the first quarter of 2020, easily beating the average estimate of Wall Street analysts of a 7.5 million increase, according to data from Refinitiv. The company, which now has a total of almost 183 million subscribers, characterized the outsize increase as temporary.
Revenue for the quarter increased almost 28% from the same period last year to $5.8 billion. Net income was $709 million compared to $344 million in the same period last year.
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