Netflix stock surged nearly 17% in after-hours trading Tuesday after the SVOD pioneer soundly beat analysts' estimates for the third quarter.
Netflix shares rose as high as $405 each (up 16.9%) in after-hours trading Oct. 16. The stock was priced at $386.40 (up 12%) at 4:49 p.m. Tuesday.
Paid domestic subscribers rose by 1 million, almost double the 600,000 additions most analysts estimated. The company added 5.07 million paid international customers in the period, well ahead of estimates of a 4.46-million-customer gain.
Together, Netflix added about 6.1 million paid subscribers. The company estimated it will add a total of 7.6 million paid subscribers in the fourth quarter.
Those increased subscribers also helped boost revenue 36% to $3.9 billion, fueled by the 25% increase in paid membership and an 8% rise in average selling price (ASP).
The smarter way to stay on top of the multichannel video marketplace. Sign up below.
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.