Netflix Inc NFLX shares are up after reporting a third-quarter earnings beat.
Earnings came in at $1.47, beating estimates by 33 cents. Sales came in at $5.245 billion, missing estimates by $50 million. Paid net adds totaled 6.8 million compared to the company's 7 million forecast and prior year's third-quartered total of 6.1 million.
The company sees fourth-quarter U.S. streaming sales of around $2.455 billion, with International streaming at $2.918 billion.
"The launch of these new services will be noisy. There may be some modest headwind to our near-term growth, and we have tried to factor that into our guidance. In the long-term, though, we expect we’ll continue to grow nicely given the strength of our service and the large market opportunity," the company said in a letter to shareholders.
Other Highlights
- Global streaming paid memberships grew 21.4% year-over-year
- Revenue grew 31.1% year-over-year
Netflix shares traded higher by 7% to $306.80 in the after-hours session. The stock closed at $286.28.
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