Netflix Stock Soars As Subscriber Numbers Impress Investors
Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.
Video-streaming service Netflix's quarterly subscriber additions topped its expectations, boosted by strong international growth, sending its shares up 8% in extended trading.
Netflix, known for its original shows such as "House of Cards" and "Orange is the New Black", said it added 5.59 million subscribers in the three months ended Dec. 31, higher than its forecast of 5.15 million.
Internationally, Netflix added 4.04 million subscribers, compared with its estimate of 3.50 million.
The company said on Tuesday it added 1.56 million U.S. subscribers in the fourth quarter, below the 1.65 million it forecast in October.
Shares of Netflix were trading at $116.50 after the bell.
Netflix, which started in 1997 as a DVD-rental-by-mail firm, forecast adding about 1.75 million customers in the United States in the current quarter.
It also said it expected to add about 4.35 million subscribers internationally.
Earlier this month, the company flipped the switch on its aggressive international plans, going live in more than 130 countries at once.
Netflix said revenue rose 22.8%to $1.82 billion.
Analysts on average had expected a profit of 2 cents per share and revenue of $1.83 billion, according to Thomson Reuters I/B/E/S.
Excluding items, Netflix earned 7 cents per share.