Netflix earnings exceed estimates, stocks gain
Streaming titan generated $5.42 billion in revenue in Q3, translating to $1.47 earnings per share, compared to the expected $5.25 billion and $1.05 EPS.
The company’s profits significantly exceeded analyst expectations, stock was up nearly 10% in after-hours trading
Stocks impacted: Netflix (NFLX)
The company announced the net addition of 6.77 million paying subscribers. Netflix also noted that its average revenue per user is up 16.5% year-over-year in the U.S. Overall, it now has more than 158 million members. It’s projecting 26.7 million net adds for the entirety of 2019, down from 28.6 million net adds last year. Netflix projected 7.6 million additions in the fourth quarter versus 9.6 million expected, and less than the 8.8 million that the company reported in the fourth quarter of 2018. The stock spiked nearly 10% in after-hours trading after subscriber growth bounces back.
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