Netflix added fewer subscribers than expected for the first three months of 2017, but said it will surpass the 100 million mark this weekend.
For the first quarter, Netflix added 1.42 million US subscribers and 3.53 million overseas.
Previously the company had projected net gains of 1.5 million in the US and 3.7 million internationally.
On the subscriber-growth miss, the company’s stock fell three per cent in after-hours trading before rebounding a bit but still trading below Monday’s closing price.
As of the end of March, Netflix had 98.75 million global streaming members. The company said it expects to top 100 million this weekend.
“We remain incredibly excited about the opportunity in front of us to build a truly global and durable internet TV business,” Netflix said in its letter to shareholders.
In 2017, the company plans to spend more than $US1 billion marketing its content, Netflix said in the shareholder letter.
Netflix reported revenue of $US2.64 billion for Q1, in line with analyst forecasts, and earnings of 40 cents per share.
The results come after Netflix added 7.05 million new subscribers in the fourth quarter of 2016, setting a quarterly record for net subscriber adds.
On the originals front, Netflix highlighted several releases during the quarter:
- A Series of Unfortunate Events, based on the Lemony Snicket book series
- Santa Clarita Diet, the zombie comedy starring Drew Barrymore and Timothy Olyphant
- Ultimate Beastmaster, its first reality competition show in which athletes race to finish a 183-metre obstacle course
- Marvel’s Iron Fist, the fourth instalment in the street-hero series from the Disney-owned studio.
Netflix said Dave Chappelle: Collection 1, comprising two original stand-up performances from the comedian was its most-viewed comedy special ever.
Netflix also called out the extension of its deal with Adam Sandler for an additional four films.