Netflix earnings beat estimates; stock soars 17%

Wednesday, 22 Jan 2014 | 4:02 PM ET
Andrew Harrer | Bloomberg | Getty Images

Netflix reported higher profit for the fourth quarter as the company added 2.3 million customers to its TV and movie streaming service in the United States, sending its shares up more than 17 percent in after-hours trading. (Click here to get the latest quote.)

The company on Wednesday reported net income of $48 million for the quarter, up from $8 million a year ago. Earnings-per-share were 79 cents, Netflix said in a statement.

Netflix reports Q4 earnings
Netflix is reporting Q4 revenue of $1.18 billion, with CNBC's Julia Boorstin. The company saw a better-than-expected international streaming subscriber number at 1.74 million net streaming subscribers.

The big surprise came when Netflix announced its estimated subscriber count will grow by 3.85 million in the first quarter of the year, with 2.25 million domestic additions and 1.6 million international.

In international markets, Netflix added 1.7 million members. It ended 2013 with more than 44 million customers worldwide.

Analysts had expected the company to report earnings excluding items of 66 cents a share on $1.17 billion in revenue, according to a consensus estimate from Thomson Reuters.

—By Reuters with CNBC.com

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