*By Kavitha Shastry*
Shares of Netflix surged after hours Tuesday after the company said it added nearly 7 million subscribers in its latest quarter, well more than what analysts were expecting.
The video streaming service added 5.87 million users internationally and nearly 1.1 million in the U.S. ー the company had originally forecast additions of 4.35 million and about 650,000, respectively.
Netflix ($NFLX) stock was up more than 15 percent after the results, rising to its highest level since July before its last earnings report, when it posted subscriber growth that fell short of estimates.
Analysts were closely watching how the company would grow in the face of increased competition, not only from streaming "stalwarts" like Hulu and Amazon's ($AMZN) Prime Video, but also from traditional media and telecom companies such as Disney ($DIS) and AT&T ($T) that are looking to combat the cord-cutting trend.
In its letter to shareholders, Netflix confirmed its commitment to original content, highlighting the recently-announced production hub in Albuquerque, NM, where it plans to spend $1 billion a year.
The company, which has not been shy about its strategy to test out a slew of projects without worrying whether or not they succeed, said, "We strive to offer a wide breadth of programming because we want to maximize the size of our membership base." Evidence of that seems clear in the 676 hours of original content that debuted during the quarter ー more than double what it produced a year before.
Netflix reported revenue of nearly $4 billion for the quarter, in line with analyst estimates, and earnings of $0.89 a share, well above expectations for $0.68.
The company said it expected to add 9.4 million subscribers in the fourth quarter, 7.6 million internationally.
Consider this your sign to pack your bags. Airbnb says Colorado Springs will be a top travel destination in 2024.
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.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
