Netflix beat forecasts for subscriber growth and total revenue in the fourth quarter, adding 8.5 million subscribers to reach a global total of 203.7 million.
The wave of new subscriptions exceeded company guidance for 6 million new customers in the fourth quarter and caps a remarkable 2020, when Netflix added about 37 million subscribers. Revenue hit $6.6 billion, just a shade ahead of expectations. Earnings per share fell about 20 cents short of expectations at $1.19 a share, down from $1.30 in the year-earlier period.
Netflix stock has pulled back almost 7% in 2021 to date, but it rose 4% today to finish at $501.77 and rocketed another 13% after hours on the earnings news. It surged 67% in 2020 amid a broad advance by tech stocks during the onset of Covid-19.
In a significant milestone, the streaming leader also said it expects to be cash-flow positive from 2021 onward and expects this year to be cash-flow neutral. With ample cash on hand, Netflix noted that it...
The wave of new subscriptions exceeded company guidance for 6 million new customers in the fourth quarter and caps a remarkable 2020, when Netflix added about 37 million subscribers. Revenue hit $6.6 billion, just a shade ahead of expectations. Earnings per share fell about 20 cents short of expectations at $1.19 a share, down from $1.30 in the year-earlier period.
Netflix stock has pulled back almost 7% in 2021 to date, but it rose 4% today to finish at $501.77 and rocketed another 13% after hours on the earnings news. It surged 67% in 2020 amid a broad advance by tech stocks during the onset of Covid-19.
In a significant milestone, the streaming leader also said it expects to be cash-flow positive from 2021 onward and expects this year to be cash-flow neutral. With ample cash on hand, Netflix noted that it...
- 1/19/2021
- by Dade Hayes and Jill Goldsmith
- Deadline Film + TV
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