REUTERS: Netflix Inc more than doubled its own projections for new customers as quarantined audiences binged on series such as"Tiger King," but the company predicted a weaker second half of the year if stay-at-home orders to fight the coronavirus are lifted.
The company is among the few businesses to benefit from government orders imposed in March to keep people away from each other in order to stop the spread of the highly infectious novel coronavirus. While the S&P 500 Index has fallen 19per cent from its Feb. 19 record high, Netflix has gained 11per cent during the same period.
Netflix said the shutdown of film and TV production around the world had temporarily increased its free cash flow but could delay some programming by a quarter. In the second quarter, the impact will be"modest" and mostly will affect dubbing in various languages, the company said. Appreciation of the U.S. dollar, due partially to the coronavirus crisis, dragged on international revenue, the company said.
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