Squawk on the Street on CNBC quoted Reed Hastings, CEO of Netflix, Inc. (NASDAQ:NFLX), as having posted on Facebook that the company has beat HBO in subscriber revenue in the second quarter, adding that Netflix was “honored to be in the same league.”
Hastings said on his Facebook page, “Last quarter we passed HBO in subscriber revenue ($1.146 billion vs. $1.141 billion). They still kick our ass in profits and Emmy’s, but we are making progress. HBO rocks, and we are honored to be in the same league.”
Jim Cramer analyzed the future possibilities for Netflix, Inc. (NASDAQ:NFLX) saying that the latest movies that can make available for streaming at home, the less consumers will go out to watch movies at the cinema. This positive outlook is in direct contrast to what Jeff Bewkes, CEO of Time Warner Inc (NYSE:TWX), had to say in an interview in December 2010 about the influence of Netflix, Inc. (NASDAQ:NFLX).
Bewkes said, “It is a bit like, is the Albanian army going to take over the world? I don’t think so.” Cramer called this comment overstated, agreeing that Bewkes would need to retract at least part of that statement in light of the recent growth and influence of Netflix, Inc. (NASDAQ:NFLX).
Putting his lot behind Netflix, Inc. (NASDAQ:NFLX), Cramer said, “When you think about what is going on in technology, you have to think Netflix.” Cramer continued to expound on the benefits of Netflix, Inc. (NASDAQ:NFLX), such as being able to watch movies, television soap operas, and world events such as the World Cup on handheld devices.
Given these benefits he added, “Netflix stocks, we don’t talk about this enough. This thing is on fire.” He predicted that an ideal future state would be a technology involving Google Inc (NASDAQ:GOOGL)’s self-driving cars, with people watching Netflix, Inc. (NASDAQ:NFLX)’s videos in vehicles from Tesla Motors Inc (NASDAQ:TSLA).