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Tag: David Wells

  • Spencer Neumann appointed Netflix CFO

    Spencer Neumann appointed Netflix CFO

    MUMBAI: Spencer Neumann will be joining Netflix as chief financial officer, the company has confirmed. Before this, Neumann was CFO of Activision Blizzard and is also equipped with experiences from senior positions at The Walt Disney Company.

    Neumann will succeed David Wells who served as CFO since 2010.

    On Neumann’s appointment, Netflix CEO Reed Hastings said, “Spencer is a stellar entertainment executive and we’re thrilled that he will help us provide amazing stories to people all over the world.” For the departing David Wells, he said, “I also want to again say thank you to David Wells, on behalf of the company and our shareholders, for his invaluable contributions at Netflix over the past 14 years.”

    Neumann, describing his excitement said, “Netflix is a singular brand, and I’m excited and honoured for the opportunity to work with the Netflix team and all of our stakeholders to build on the company’s exceptional track record of success and innovation.”

    With increasing responsibilities at The Walt Disney Company, Neumann has also served in a number of positions for the company. He was the CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017.

  • Netflix CFO David Wells to quit

    Netflix CFO David Wells to quit

    MUMBAI: After a 14-year stint in the company, Netflix chief financial officer David Wells plans to step down. Since 2010 Wells served as the CFO, at a time when Netflix started to see its growth. However, he will leave after helping the company choose his successor.

    The search for new CFO will include both internal and external candidates. In post-Netflix life, Wells intends to focus more on philanthropy.

    “After discussing my desire to make a change with Reed [Hastings, Netflix’s chairman and CEO], we agreed that with Netflix’s strong financial position and exciting growth plans, this is the right time for us to help identify the next financial leader for the company,” Wells said.

    He was one of the key members who helped Netflix during its aggressive international expansion as well as to up its $8billion content spend through a debt-fuelled fund. During his tenure Netflix’s subscriber numbers went up from 23.6 million during the first quarter of 2011 to more than 124 million as of the second quarter of 2018.

    “David has been a valuable partner to Netflix and to me. He skillfully managed our finances during a phase of dramatic growth that has allowed us to create and bring amazing entertainment to our members all over the world while also delivering outstanding returns to our investors,” Netflix CEO Reed Hastings said.

  • Netflix aims at 50% original programming

    Netflix aims at 50% original programming

    MUMBAI: Challenge for few, exhilaration for many. Netflix CFO David Wells has shown a keen interest in expanding its library of original content. The streaming service is driving towards having half the content to be original production over the next five years. The rest will represent licensed TV shows and movies.

    Wells said that they had been on a multiyear transition and evolution toward more of their owned content. Marking a shift in the balance between licensed and commissioned content, the service is already one-third to halfway towards reaching this target.

    According to Wells, the goal for Netflix was to release something that appeals to each individual subscriber. On that front, they had got ways to go across different genres and formats. The nice thing about the platform was that it allows a lot of creative freedom, allowing for episodes of varying lengths.

    It’s been three years since Netflix started making original programming with House of Cards, Daredevil and more recently Stranger Things. In the movie space, the service has Adam Sandler’s The Ridiculous 6.

    Internationally, Netflix aims for about 80 per cent Hollywood content and 20 per cent local programming. Wells said that the exception was Japan, where Netflix bent more toward 50 per cent local content. About having an ad-supported model, Wells said that there was no such immediate plan.

  • Netflix aims at 50% original programming

    Netflix aims at 50% original programming

    MUMBAI: Challenge for few, exhilaration for many. Netflix CFO David Wells has shown a keen interest in expanding its library of original content. The streaming service is driving towards having half the content to be original production over the next five years. The rest will represent licensed TV shows and movies.

    Wells said that they had been on a multiyear transition and evolution toward more of their owned content. Marking a shift in the balance between licensed and commissioned content, the service is already one-third to halfway towards reaching this target.

    According to Wells, the goal for Netflix was to release something that appeals to each individual subscriber. On that front, they had got ways to go across different genres and formats. The nice thing about the platform was that it allows a lot of creative freedom, allowing for episodes of varying lengths.

    It’s been three years since Netflix started making original programming with House of Cards, Daredevil and more recently Stranger Things. In the movie space, the service has Adam Sandler’s The Ridiculous 6.

    Internationally, Netflix aims for about 80 per cent Hollywood content and 20 per cent local programming. Wells said that the exception was Japan, where Netflix bent more toward 50 per cent local content. About having an ad-supported model, Wells said that there was no such immediate plan.

  • Netflix adds subscribers, but fewer than expected

    Netflix adds subscribers, but fewer than expected

    MUMBAI: Netflix reported earnings Monday that beat expectations as it added streaming-video subscribers, though not as many as analysts had expected.

     

    Netflix stock fell more than six per cent after the report.

     

    “The company added 630,000 new subscribers to its US streaming service, bringing the total number of domestic subscribers to 29.8 million. The gain was in the middle of Netflix’s own forecast issued in April but fell short of the average expectation from Wall Street analysts of 700,000”, Sterne Agee analyst Arvind Bhatia said.

     

    “It’s a mixed quarter, not good enough for the stock to move up a bit,” Bhatia said.

     

    Internationally, Netflix gained 610,000 new streaming users, for a total of 7.75 million international subscribers.

     

    The stock has soared 183 per cent this year, which set the bar high for second-quarter results.

     

    “The stock was priced for perfection going into the quarter, hence the sell-off,” Evercore Partners analyst Alan Gould said.

     

    The May release of comedy Arrested Development generated a “small but noticeable bump in membership,” chief executive Reed Hastings and chief financial officer David Wells said in a letter to shareholders.

     

    The company generated buzz from last week’s Emmy nominations for “Arrested Development” and an original series, political thriller “House of Cards,” the first Internet series to garner Emmy nods in major categories.

     

    Netflix, in its shareholder letter, forecast it will add up to 1.5 million U.S. streaming customers in the current quarter. That guidance “looks like a little light,” Gabelli & Co analyst Brett Harriss said.

     

    “Netflix needs to add a substantial amount of subscribers to justify the current valuation,” Harriss said.

     

    Net income rose to $29 million, or 49 cents a share, in the second quarter, from $6.2 million, or 11 cents a share, in the same period a year earlier, when the company was spending heavily to push into foreign countries.

     

    Revenue increased to $1.07 billion from $889 million a year ago.

     

    Analysts had expected the streaming-video company to report earnings excluding items of 40 cents a share on $1.07 billion in revenue, according to a consensus estimate from Thomson Reuters.

     

    For the third quarter, the company expects earnings of 30 cents a share to 56 cents a share. The median of that guidance is 43 cents a share; analysts currently expect 45 cents a share.

  • Netflix has 36 mn subscribers; posts $3 mn profit

    Netflix has 36 mn subscribers; posts $3 mn profit

    MUMBAI: OTT subscription service Netflix has reported better than expected first quarter results resulting in its stock appreciating by over 20 per cent. It now has 36 million subscribers. During the first quarter three million were added.

    For the first time the company‘s revenue in a quarter touched $one billion. The company managed to record profits of $ one million compared to a loss of $five million during the same period last year.

    Netflix added a million streaming subscribers in its markets outside the US. It plans to launch in a new European market in the second half of the year. In the US it added 2.02 million new customers. On the content side it has discontinued its deal with Viacom. Netflix will stream content from Nickelodeon, BET and MTV till the end of next month. After that it will let the deal expire. But the company is looking at a deal where it can stream some of Viacom‘s shows. The focus of Netflix is on exclusive content.

    Netflix CEO Reed Hastings and CFO David Wells in a letter to shareholders wrote, “The launch of ‘House of Cards‘ provided a halo effect on our entire service. Customer response to the show increased our confidence in our ability to pick shows Netflix members will embrace and to pick partners skilled at delivering a great series”.

    Netflix‘s share price has crossed $200 compared to a 52 week low of $52 in August.