Netflix exceeds estimates for adding paid subscribers

(Reuters) – Netflix Inc beat Wall Street estimates for adding paid subscribers for the holiday quarter on Tuesday, as its originals like “Bridgerton” and “The Queen’s Gambit” helped attract more viewers taking refuge. at home due to new COVID-19 restrictions.

The company said it added 8.51 million paid subscribers during the fourth quarter ended December 31, beating analyst estimates of 6.1 million, according to IBES data. from Refinitiv.

Cinemas and restaurants remained closed in major economies to curb the rise in cases of COVID-19 and a new variant of the virus, forcing many movie studios to delay their releases and driving demand for Netflix original shows and movies.

Shares of the Los Gatos, California-based company were up 6.8% in extended trading.

Revenues rose to $ 6.64 billion from $ 5.47 billion during the quarter, surpassing previous estimates of $ 6.63 billion.

Net income fell to $ 542.2 million, or $ 1.19 per share, from $ 587 million, or $ 1.30 per share, one year earlier.

Reportage by Eva Mathews in Bengaluru and Lisa Richwine in Los Angeles; Editing by Sriraj Kalluvila