Netflix Streams Higher Earnings for Second Quarter

Subscribers grow to 104M worldwide

Netflix earnings rose during the second quarter as it continued to add subscribers in the U.S. and worldwide.

The company said net income rose to $66 million, or 15 cents a share, from $41 million, or 9 cents a share, a year ago.

Revenue rose to $2.785 million from $2.105 million a year ago.

Related: Analysts Eye Strong Sub Numbers for Netflix Q2

Netflix said it added 5.2 million subscribers in the second quarter from the third quarter, bringing its worldwide total to 103.95 million. A year ago, Netflix had 83.18 million subs. It forecasts having 180.35 million in the third quarter.

The company said the number of added subscribers was larger than it’s own forecast because it “underestimated to popularity of our strong slate of content.” The growth also beat Wall Street forecasts.

In the U.S., Netflix added 1.07 million subscribers in the quarter, bringing its count to 51.92 million. A year ago it had 47.13. It expects to have 52.67 million by the end of next quarter.

Related: Netflix Has Three Series Up for Best Drama Emmys

The financial results were right around Wall Street forecasts, with earnings slightly below expectations and revenue a bit larger than expected.

“We are making good progress with our international expansion as improving profitability in our earlier international markets helps fund significant investment in our newer territories,” the company said in its quarterly shareholder letter. “As a result, we expect positive international contribution profit for the full year 2017​, at current F/X exchange rates. This would mark the first ever annual contribution profit from our international segment.”

For the third quarter, Netflix forecasts that its earnings will be $143 million, or 32 cents a share, up from $52 million or 12 cents a share, the previous year. Revenue is expected to jump to $2.969 billion from $2.290 billion.

Wall Street was expecting guidance of 23 cents a share and $2.87 billion in revenue.