Netflix hits fourth-quarter subscriber record, fueled by 'The Crown' and 'The Killer'
By Dawn Chmielewski
(Reuters) -Netflix on Tuesday blew past Wall Street subscriber estimates in the fourth quarter, driven by a strong slate of shows that included the final season of the long-running royal drama «The Crown» and David Fincher's original film, «The Killer.»
The company reported it added 13.1 million subscribers in the December quarter, its largest-ever fourth-quarter subscriber growth, handily exceeding projected gains of 8.97 million. That brings the total number of subscribers to 260 million.
Netflix (NASDAQ:NFLX) shares were up 8.3% in after-hours trading. The stock gained 65% during 2023.
«It is becoming increasingly clear that Netflix has won the 'streaming wars,'» wrote Bank of America media analyst Jessica Reif Ehrlich.
The company reported per-share earnings of $2.11, falling short of consensus estimates of $2.22 per share. Netflix said the per-share earnings were impacted by a $239 million noncash loss related to currency exchange rates.
Revenue rose to $8.8 billion, topping forecasts and the company's own guidance of $8.7 billion in the quarter.
The streaming giant said it expects healthy double-digit revenue growth for full-year 2024, as it continues to add members and invest in its advertising business. Netflix said advertising is not yet a primary driver of revenue growth, but it aims for that to change by 2025.
The company credited gains to the strength of its intellectual property, including «Squid Game: The Challenge,» a reality show based on its most-watched TV series, new original series such as «All the Light We Cannot See,» feature films like Zack Snyder's «Rebel Moon: A Child of Fire,» and non-English-language programming, including the third season of «Lupin» from France.
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