April 21, 2020

Netflix profits soar as pandemic shut-ins sign up

Netflix on Tuesday reported its quarterly profit more than doubled as subscriptions surged at the streaming television service during the pandemic.

Netflix made a profit of $709 million on revenue of $5.8 billion in the first three months of this year, while the number of subscribers grew by 15.7 million to total nearly 183 million, according to earnings figures.

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The California-based company said that the long term effects of huge job losses due to the coronavirus crisis on Netflix revenue remained unclear.

“In our 20+ year history, we have never seen a future more uncertain or unsettling,” executives said in a letter to investors.