Company aiming to add 5.0 million subscribers in current quarter
Netflix (NFLX) is aiming to add 14.6 million paying subscribers in the first six months of 2019. The company added 9.6 million subscribers in the first three months of the year. In order for Netflix to achieve its subscriber acquisition goal for the first half of 2019, the company needs to add 5.0 million new subscribers by June. And the company says that is possible. For the current quarter, Netflix expects to add 0.3 million subscribers in the United States and 4.7 million overseas, totaling 5.0 million.
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Netflix wants to make 2019 another record year for subscriber gain
Netflix added more than 28.6 million subscribers in 2018 to exit the year with a total of 139.3 million paying subscribers, which made it a record year for the company in terms of subscriber growth. Hulu, one of Netflix’s major competitors, exited 2018 with 25 million subscribers. Hulu is jointly owned by Walt Disney (DIS) with a 60% stake in the business and Comcast (CMCSA) with 30% stake in the business. AT&T (T) had a 10% stake in Hulu but sold it back for more than $1.4 billion. Dish Network (DISH) closed 2018 with more than 2.4 million subscribers on its Internet-based television service called Sling TV.
Netflix is looking for another record year of subscriber acquisition in 2019. The company exited the first quarter with 148.9 million paying subscribers.
The search is on for a new marketing chief at Netflix (NFLX)
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JCPenney (JCP) is slated to announce its results for the first quarter of fiscal 2019, which ended on May 4, on May 21.
The key point of contention in the US-China trade dispute is the large trade deficit the United States runs against China.
On May 16, the Labor Department reported jobless claims for last week. Initial jobless claims fell by 16,000 to 212,000 for the week ended May 11.
Jeffrey Gundlach recommended investors take advantage of the volatility in interest rates at the recent Sohn Conference.
Tesla (TSLA) has fallen 4.2% as of 11:55 AM EDT on May 17. While US equity markets opened in the red today, they've recouped their losses.