Netflix posted sharply higher third-quarter earnings Tuesday thanks to a stronger slate of titles, including “Squid Game," the dystopian survival drama from South Korea that the company says became its biggest-ever TV show.
The company said its subscriber base grew 9% from a year earlier, to 213.6 million, surpassing its own projections.
Netflix earned $1.45 billion, or $3.19 per share, in the latest quarter. That's up from $789.9 million or $1.79 per share, a year earlier.
Revenue grew 16% to $7.48 billion from $6.44 billion.
Analysts, on average, were expecting earnings of $2.56 per share on revenue of $7.48 billion, according to a poll by FactSet.
Shares of the Los Gatos, California-based company climbed $4.07 after-hours to $639.
The company made no mention in its earnings press release of the fallout surrounding a recent Dave Chapelle special, which premiered earlier this month after the third quarter ended.
Netflix said Friday that it had fired an employee for disclosing confidential financial information about what it paid for the Chappelle’s comedy special “The Closer,” which employees and advocacy groups condemned as being transphobic and harmful to transgender people.
The employee, who wasn’t named, shared “confidential, commercially sensitive information outside the company,” a Netflix statement said.
The media watchdog group GLAAD said that “anti-LGBTQ content” violates Netflix’s policy to reject programs that incite hate or violence.
However, Netflix co-CEO Ted Sarandos told managers in an internal memo that the show doesn’t cross “the line on hate” and will remain on the streaming service.
Transgender employees and their allies planning to stage a walkout Wednesday in protest.
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The Biden administration has enacted a new labor rule that aims to prevent the misclassification of workers as independent contractors. The labor department rule going into effect Tuesday replaces a scrapped Trump-era standard that lowered the bar for classifying employees as contractors
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A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
