Netflix Hits 65 Million Subscribers
Thanks to continued strong international growth, Netflix added 3.3 million subscribers in the second quarter of 2015. The popular streaming platform now boasts a total of 65.6 million subscribers, 42.3 million of which are based in the United States. International subcribers accounted for more than 70 percent of Netflix's subscriber growth in the second quarter, as the company's international push continued.
Netflix generated $1.64 billion in revenue between April and June, a 23-percent increase over last year's June quarter. Meanwhile net profit declined by more than 60 percent to $26 million, mainly due to costs related to the company's international expansion. In a letter to shareholders, CEO Reed Hastings explained that the company plans to operate around break-even through 2016 and to rake in substantial profits starting in 2017.
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