Business

Netflix beats estimates for paid subscriber additions

Netflix Inc beat Wall Street estimates for holiday quarter paid subscriber additions on Tuesday, as its originals like "Bridgerton" and "The Queen's Gambit" helped attract more viewers sheltering at home due to fresh COVID-19 restrictions.

FILE PHOTO: The Netflix logo is seen on the company's office in Hollywood, Los Angeles
FILE PHOTO: The Netflix logo is seen on the company's office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo
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REUTERS: Netflix Inc beat Wall Street estimates for holiday quarter paid subscriber additions on Tuesday, as its originals like "Bridgerton" and "The Queen's Gambit" helped attract more viewers sheltering at home due to fresh COVID-19 restrictions.

The company said it added 8.51 million paid subscribers during the fourth quarter ended Dec. 31, beating analysts' estimates of 6.1 million, according to IBES data from Refinitiv.

Cinema theaters and restaurants remained closed across major economies to curb a rise in COVID-19 cases and a new variant of the virus, forcing many movie studios to delay their releases and driving demand for Netflix's original shows and films.

Shares of the Los Gatos, California-based company were up 6.8per cent in extended trading.

Revenue rose to US$6.64 billion from US$5.47 billion during the quarter, edging past estimates of US$6.63 billion.

Net income fell to US$542.2 million, or US$1.19 per share, from US$587 million, or US$1.30 per share, a year earlier.

(Reporting by Eva Mathews in Bengaluru and Lisa Richwine in Los Angeles; Editing by Sriraj Kalluvila)

Source: Reuters