Netflix plans to offer 1 billion Euro worth of senior notes outside of the United States for “general corporate purposes.”
Those include “content acquisitions, capital expenditures, investments, working capital and potential acquisitions and strategic transactions,” per a Monday morning media release.
In other words, the “Orange Is the New Black” (pictured above) home is raising capital to help fund new programming — so, get excited, subscribers. Of course, those other uses will be a bit less sexy to fans.
Netflix had previously announced plans to spend $6 billion on content this year.
One week ago today, the streaming giant revealed its first-quarter 2017 financial results. For the three months ending on March 31, Netflix reported revenue of $2.6 billion and earnings of 40 cents a share. That easily topped the slightly less-than $2 billion in revenue and earnings of 6 cents a share the company pulled in during the same time last year, and exceeded analyst estimates of 37 cents a share in earnings. Revenue was right in line with analyst projections.
Unfortunately, Netflix fell shy of its subscriber growth estimate for the first three months of 2017, sending the company’s stock price in the wrong direction.