Netflix added some 6.8 million subscribers over the past quarter as the streaming television leader girded for heightened competition. — AFP/VNA Photo SAN FRANCISCO — Netflix shares rallied on Wednesday after its latest quarterly update showed robust subscriber growth and better-than-expected profits ahead of a major escalation in the streaming television war. Netflix reported a net income of US$665 million in the recently-ended quarter, jumping up from $403 million in the same period last year and topping most analyst forecasts. Revenue and subscriber growth, however, came in just shy of market consensus. The California-based company saw revenue up 31 per cent at $5.25 billion and added 6.8 million subscribers worldwide to reach a total of 158.3 million. Netflix shares climbed more than 9 per cent after-market trades. The company, whose recent hits include Stranger Things and The Crown, was upbeat on its ability to thrive even as powerful competitors such as Disney and Apple enter the streaming market. “The launch of these new services will be noisy,” Netflix said in its quarterly letter to investors. “There may be some modest headwind to our near-term growth, and we have tried to factor that into our guidance. In the long-term, though, we expect we’ll… Read full this story
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