Netflix, Inc. (NASDAQ:NFLX) is scheduled to report its first quarter results on Monday, April 21 after the market close. That will be followed by a live video discussion at 5:00 p.m. EDT on the same day. The Internet streaming company ended 2013 with more than 44 million subscribers worldwide. According to Sandvine, Netflix dominates usage. During the peak period, it accounts for 32% of downstream traffic, compared to just 1% for Hulu and 2% for Amazon Video.

The return of House of Cards and Orange is the New Black for their second season, and a number of new upcoming series have put streaming subscriber growth in focus. BMO Capital Markets analysts Edward S. Williams, Thomas Andrews and San Phan said that the virtuous cycle will continue to drive subscriber growth. The cycle includes compelling exclusive content that attracts more subscribers, which in turn gives an opportunity to buy and create more content to attract more users.

Netflix’s subscriber base to reach 57 million by the end of 2014

BMO Capital Markets expects Netflix, Inc. (NASDAQ:NFLX) to add 2.6 million new streaming subscribers in the domestic market and 1.9 million subscribers internationally during the first quarter. Analysts expect its total subscriber base to reach 57 million by the end of this year. Netflix has planned a major expansion in Europe in the second half of this year. Williams said most of the expansion will be in Germany and France.

Netflix Subscribers

The research firm expects Netflix, Inc. (NASDAQ:NFLX) to report first quarter revenues of $1.26 billion and EPS of $0.79. The Los Gatos-based company had earned $0.31 per share on revenue of $1.02 billion in the corresponding quarter last year. Though BMO Capital Markets’ revenue estimate is in line with the Wall Street consensus of $1.26 billion, its EPS estimate is well below the consensus guidance of $0.83 per share.

Netflix accounts for 57.5% of online video traffic

Williams expects Netflix, Inc. (NASDAQ:NFLX)’s operating income to almost triple from the previous year to $92 million. The company is likely to highlight its growing share in streaming video. According to Qwilt, Netflix now accounts for 57.5% of total online video traffic, compared to 52.5% last year.

Netflix

For Q2 2014, analysts expect Netflix, Inc. (NASDAQ:NFLX)’s revenues to come at $1.29 billion with earnings of $0.74 per share. Notably, Q2 is the seasonally weakest quarter of the year for net subscriber additions

Netflix, Inc. (NASDAQ:NFLX) shares ticked up 1.31% to $330.96 at 1:01 PM EDT on Monday. BMO Capital Markets has a Market Perform rating on the stock with $370 price target.