Wave of new subscribers pushes Netflix first quarter revenue up to £2.6bn

An influx of new subscribers pushed Netflix's first-quarter revenue above expectations, the streaming giant said tonight.

Total new subscribers during the quarter came in at 7.4m, compared with estimates of around 6.5m, helping boost revenues to $3.7bn (£2.6bn), slightly above Thomson Reuters estimates of $3.69bn.

This represents a year-on-year revenue increase of 43 per cent, the fastest growth Netflix has experienced in its history.

Operating income jumped up to $447m, from only $245m in the fourth quarter. The announcement of the results also sent Netflix shares up 5.93 per cent in after hours trading to 326.05 USD.

Read more: Netflix expected to announce £2.6bn in revenue

Earnings per share came in at 64 cents, in line with consensus expectations.

International subscribers buoyed the increase as Netflix added 5.4m new overseas subscribers the first quarter.

The streaming platform has said it will spend between $7.5bn and $8bn on content in 2018 in efforts to grow revenue even further.

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