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 6.8% in extended trading.
Revenue rose to $6.64 billion from $5.47 billion during the quarter, edging past estimates of $6.63 billion.
Net income fell to $542.2 million, or $1.19 per share, from $587 million, or $1.30 per share, a year earlier.
Reporting by Eva Mathews in Bengaluru and Lisa Richwine in Los Angeles; Editing by Sriraj Kalluvila; Reuters