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Netflix looks to add 4 million new subscribers in quarter

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Netflix looks to add 4 million new subscribers in quarter

Netflix, the online video streaming service, is expected to see $1.57 billion in revenue, and 69 cents per share. That’s the consensus from analysts who cover Netflix, and would compare to $1.27 billion and 86 cents per share in the year-ago quarter. “There’s still a lot of upside potential,” for Netflix, says Mark Mahaney, an analyst with RBC Capital Markets, in a note to investors.netflix-building-fromap

Netflix, which is riding the wave of interest among “cord cutters,” looking to save money by ditching cable, has 57.5 million subscribers to its monthly service. The company has projected reaching 61.4 million global members by the end of the first quarter. Analysts expect Netflix to add 4 million new subscribers for the quarter.

Netflix offers recent movies, and original fare, including the award winning “House of Cards,” and “Orange is the New Black,” which returns for a third season in June. HBO, which has over 114 million subscribers worldwide, now competes with Netflix for video streaming. The new HBO Now app is available to consumers via Apple TV, a $69 set-top box from Apple. It’s the first time HBO has offered its services to consumers without having to subscribe to cable.

In a note to investors earlier this year, Netflix CEO Reed Hastings pointed out the differences between the app and HBO on TV. “The content offering includes only HBO and other original series, and not the breadth of movie content HBO offers in the US.”

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