Since Netflix's last earnings report, new seasons of popular series "House of Cards" and "Orange is the New Black" hit the small screen. "13 Reasons Why" also garnered buzz after it was unveiled on the last day of the first quarter.
Netflix's financial report comes on the heels of the 2017 Emmy nominations, which recognized Netflix series such as "Master of None," "Unbreakable Kimmy Schmidt" and "Stranger Things."
But the nominations also highlighted the mounting competition in the digital streaming space, as Amazon ramps up content spending, and Apple dips its toe into original content with shows like "Planet of the Apps." CEO Reed Hastings has told Eyes On Events that Amazon is an "awfully scary" foe.
Last quarter, Netflix said it would spend over $1 billion in 2017 on marketing costs alone, projecting that the company would have negative free cash flow for "many years" as it invests in original content, including an estimated $2 billion in negative free cash flow this year.
Netflix has shuffled some top executives in recent months, adding chief product officer Greg Peters and feature film boss Scott Stuber. The entertainment technology company also continued its international expansion, where it gets the bulk of its user growth, by adding support for more languages.
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Disclosure: Eyes On Events parent company NBCUniversal is a co-owner of Hulu.