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Netflix on track to exceed $11 billion in revenue this year

Company exceeded its own expectations for Q3

Netflix is expected to generate over $11 billion in revenue in 2017, according to the company’s Q3 earning report.

The streaming platform added another 5.3 million subscribers worldwide in Q3, up 49 per cent year on year, beating its own expectations of 4.4 million.

For the quarter ended 30th September, total revenue climbed 30.3 per cent to just below $3 billion, and executives expressed confidence in surpassing $11 billion in revenue for the full year. Net income for the quarter rose sharply over the year-ago period, hitting $130 million, or 29 cents a share, compared with $52 million, or 12 cents.

“We are growing nicely across the world,” the company said in a letter to shareholders accompanying the results. “Internet entertainment is delighting consumers, and we are staying at the forefront of this once-in-a-generation opportunity.”

Netflix also confirmed plans to spend between $7-8 billion on content in 2018 and said it intends to make 80 films during the year.