Netflix gained 2 million more new subscribers than Wall Street’s analysts had expected. That enabled the streaming giant to triple its revenue in October-December.
Following the company’s latest quarterly report, Netflix’s market value rose above $100 billion for the first time ever, with its shares soaring by 9% to more than $248 in after-hours trading on Monday.
Despite the increase in subscription prices in October, the company added 1.98 million users in the US and gained 117.58 million new subscribers around the world.
At the same time, the company took a $39 million write-down related to unreleased content. Thus, the streaming giant postponed production of Kevin Spacey’s “House of Cards” and also canceled Spacey's Gore Vidal biopic titled Gore.
For the December quarter, Netflix reported diluted earnings-per-share of 41 cents, matching analysts' expectations. The fourth-quarter revenue came in at $3.28 billion, also in line with analysts’ estimates.
For the first quarter of 2018, the company is forecasting 6.35 million new streaming customers. Meanwhile, analysts polled by FactSet predict an increase of 5.01 million.
