Netflix to exceed 100 mn global subscribers over the weekend

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The year-on-year growth in streaming revenue was slightly down from last quarter, but still impressive at 38.8 percent.

Additionally, House of Cards season five was pushed into the second quarter, while new seasons of the show were previously released during past first quarters.

He boosted his price target on Netflix stock from $155 to $170 per share after Monday's earnings report.

The shares rose 1.4 percent to $149.30 in extended trading after results were announced. They had risen 15 per cent this year through April 13. In the first quarter of 2017, it added $2.5bn of revenue, in addition to attracting 5 million new members, bringing the total to 98.75m. "There's nothing here that changes the thesis", said Anthony DiClemente, an Instinet LLC analyst who recommends buying the shares.

In comparison, Netflix gained 7.05 million subscribers in the prior quarter, raising expectations in the market.

"That is not a strategy that we think is smart for us since we believe we can earn more viewing and satisfaction from spending that money on movies and TV shows", Netflix wrote in the shareholder letter. The company added 1.42 million domestic customers, below the 1.5 million estimate and guidance.

The company was expected to hit the milestone this weekend.

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The company could turn the tide in the second quarter, typically one of its weakest.

Netflix management chalked up the subscriber growth miss in part to the delay of popular original content.

The heavy second-quarter schedule comes with costs and highlights a dilemma.

"But we definitely see a big opportunity around the world to continue to do what we've been doing, which is make fantastic content, get people really excited about that content and continue to grow", Hastings said.

The company made a first-ever profit of $43 million on its global operations during the quarter, but warned of a loss in Q2 due to continued investments.

The subscription video on-demand giant added 4.95 million total streaming customers in the quarter, down from 6.74 million in the same quarter a year earlier and below its forecast of 5.20 million for Q1. Analysts on average had estimated 3.68 million additions, according to research firm FactSet. This is a bit less than the company's own projections that saw it predict 5.2 million subscribers in the first quarter - 1.5 million in the USA and 3.7 million internationally.

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