Netflix, Inc. (NASDAQ:NFLX) has been one of the more impressive growth stories in recent years, and the company has designs on keeping the arrow pointing up. CEO Reed Hastings has juts offered up his prediction for 2018 revenue for the company, and let’s just say that it’s an ambitious goal and an eye-popping number.
USA Today has the details on how high Hastings is setting the bar.
Netflix now has 117 million subscribers worldwide and pulled in $11 billion in revenue for 2017. By comparison, HBO has just more than 140 million subscribers. At the event, CEO Reed Hastings predicted Netflix will grow to $15 billion in revenue in 2018.
Although Netflix is primarily a streaming company now, some 3.3 million customers still subscribed to the DVD service as of last year.
Getting to that number is going to be far from cheap, as the company plans to spend a whopping $8 billion on content this year. Hastings points out that the streaming market is incredibly competitive, and there’s simply no room for the company to rest on its laurels.
“Tune everyone out, stay focused, if we produce great series and movies, people will love us,” he explained. “If we get distracted and try to copy others, we’ll never succeed at that.”
Netflix, Inc. shares were trading at $317.00 per share on Thursday afternoon, down $4.16 (-1.30%). Year-to-date, NFLX has gained 65.14%, versus a 2.71% rise in the benchmark S&P 500 index during the same period.
Try StockNews.com Premium Today!
Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more!
Free for 14 days -- no credit card required!