LOS ANGELES — Netflix’s stock surged in after-hours trading on Tuesday following the company’s announcement of adding 13.1 million new subscribers in the fourth quarter. This growth exceeded Wall Street’s expectations and reflects the streamer’s focus on expanding its ad-supported service and addressing password sharing.
Netflix now boasts a record 260.8 million paid subscribers.
The company’s subscriber growth significantly outpaced the 8.76 million paid memberships added in the third quarter. Additionally, Netflix surpassed Wall Street’s fourth-quarter projections of 8 million to 9 million new subscribers.
Key results include:
Earnings: $2.11 per share compared to LSEG’s expected $2.22 per shareRevenue: $8.83 billion versus LSEG’s expected $8.72 billionTotal memberships: 260.8 million versus the expected 256 million according to Street Account
Netflix reported a fourth-quarter net income of $937.8 million, or $2.11 per share, compared to $55.3 million, or 12 cents per share, in the same period the previous year.
The company’s performance exceeded…
2024-01-23 17:44:27
Source from www.cnbc.com