“Our strategy is simple: if we can continue to improve Netflix every day to better delight our members, we can be their first choice for streaming entertainment,” Netflix said.
The entertainment giant Netflix (NASDAQ: NFLX) shares climbed more than 13% in during pre-market trading on Wednesday after the company reported strong Q4 financial results on Tuesday after market close. Netflix’s revenue increased 21%, to $6.6 billion, compared with $5.4 billion for the same period a year ago. Meanwhile, the company Profits dipped to $542 million in the fourth quarter, compared with $587 million in the same period in 2019.
- Earnings per share (EPS) $1.19 vs. $1.39 expected
- Revenue $6.64 Billion vs. $6.63 Billion expected
The company reported strong growth in subscriber numbers to more than 200 million and added 8.5 million net new paying subscribers during the fourth quarter. For the current quarter, Netflix expects to add 6 million new subscribers worldwide. Around 83% of the new subscribers are from outside the U.S. and Canada.
Netflix stock increased as high as $568 in after-hours trading. If the bullish momentum continues the stock will hit a new all-time-high by this week. The stock rallied more than 65% last year.