David Wells

Report: Netflix to appoint Activision Blizzard CFO

Netflix is set to name Activision Blizzard’s chief financial officer, Spencer Neumann, as the successor to its outgoing CFO David Wells, according to Reuters. The Reuters report, which cites a source familiar with the matter, claims that Neumann will take up his new post in early 2019, with an announcement expected from Netflix this week. The […]

Netflix CFO to step down

Netflix’s chief financial officer David Wells is to step down after helping the company choose his successor. Wells, who joined Netflix in 2004 and has served as CFO since 2010, will stay until a successor takes the role for a smooth transition. The search for a new candidate will include both internal and external applicants. […]

Netflix CFO defends US$6bn content spend

Netflix financial chief David Wells has claimed Netflix’s multi-billion dollar content spend is the key factor in the international SVOD service’s subscription growth. CFO Wells reiterated Ted Sarandos’ recent admission Netflix would spend US$7 billion on shows – mostly original content – in 2018, and has said spending US$20 million an hour on originals was […]

Netflix aims for half original, half licensed content split

Netflix aims to move to a 50-50 split between licensed and original content, according to the company’s chief finance officer, David Wells. Speaking at Goldman Sachs’ 25th Annual Communacopia Conference in New York yesterday, Wells said that the subscription video-on-demand giant will be “pushing more and more” towards its goal of half original exclusive content. “It will […]

Netflix misses US sign-up targets in disappointing Q3

Netflix missed its US target for new customer sign-ups and reported lower than expected operating income in its third quarter results. The subscription video-on-demand service added 0.88 million new US members in the quarter, compared to 0.98 million prior year and a forecast of 1.15 million. Netflix attributed the over-forecast to “slightly higher-than-expected involuntary churn” […]

Netflix pass 65 million subscribers, confirms China launch plan

Netflix passed the 65 million subscriber-mark in the second quarter and confirmed plans to launch in China next year as part of its ongoing expansion efforts. For three months ending June 30, Netflix said it added a record 3.3 million new streaming members – exceeding its Q2 forecast of 2.5 million net additions and almost […]

Internet TV to replace linear in 20 years, says Netflix

Over the next 20 years internet TV is going to replace linear TV as the way that people consume video, according to Netflix president and CEO Reed Hastings.  Speaking on the firm’s first quarter earnings call yesterday, Hastings said that after linear TV’s  “amazing 50 year run” the industry is now transitioning with “everyone scrambling […]

Netflix tops 60 million global members

Netflix has passed the 60 million-member mark after achieving “several major milestones” in the first quarter of the year.  Announcing its Q1 results, Netflix said it has now passed 40 million members in the US and 20 million internationally after adding 4.9 million new users in the quarter, beating its forecast of 4.1 million new […]

Netflix hoped for ‘non-regulation’ solution to net neutrality

Netflix’s chief financial officer David Wells has said that the firm was hoping for a “non-regulation solution” to net neutrality, following the FCC’s adoption of strong rules last week.  Speaking at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco, Wells said he was “super pleased” there is now a vehicle for a […]

Netflix hits five million Latin America customers

Netflix hit five million Latin American customers in the fourth quarter of last quarter, from a total of 18.3 international streaming members, the firm has revealed.  Speaking on Netflix’s Q4 earnings call, chief financial officer David Wells said that the firm has seen steady growth in the market, but said with 65 million addressable homes […]