Netflix, Inc. NFLX shares are surging after posting a fourth quarter sales beat and issued strong first quarter guidance.
The streaming giant reported fourth quarter GAAP EPS of 41 cents. Sales came in $60 million above estimates at $3.286 billion. Q4 net streaming adds totaled 8.33 million versus 6.34 million estimates.
Netflix sees first quarter EPS of 63 cents, against a consensus estimate of 56 cents. Sales are expected to $3.686 billion and company management is estimating global net adds of 6.35 million in the upcoming quarter.
See Also: Wall Street Previews Netflix's Q4 Earnings: Rising Subscriber Numbers Drive Bullish Projections
Q4 Highlights
- Netflix posted fourth quarter adjusted EBITDA of $313 million, up $102 million year-over-year;
- 1.98 million net additions in the US;
- International streaming saw 6.36 million net additions; and
- $7.5 billion-$8 billion is expected to be spent on content in Q1.
- Netflix was thrilled with its big-budget exclusive film "Bright," featuring Will Smith.
“Our largest investment in original films to date, Bright, a fantasy action movie starring Will Smith, was a major success and drove a notable lift in acquisition. In its first month, Bright has become one of our most viewed original titles ever. We’re thrilled with this performance and are planning a sequel as well as additional investment in original films.”
Netflix was up nearly 10 percent in after-hours trading, sitting around $249 per share. That move pushed its market cap to $100 billion for the first time ever.
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