Netflix surges 15% to record high after blockbuster earnings show company added more subscribers than forecast
Netflixstock surged as much as 15% on Wednesday after fourth-quarter earnings beat forecasts.
- The video-streaming service added a record 37 million paid
- Netflix expects to generate enough cash to end its borrowing spree and potentially fund share buybacks.
Netflix shares jumped as much as 15% on Wednesday, after the
The video-streaming service - the world's largest - added a record 37 million paid subscribers in 2020, boosting its global members by 22% to more than 200 million for the first time. Its annual revenue surged 24% to $25 billion as a result, driving its operating income up 76% to $4.6 billion.Netflix also reduced its free cash outflow from $1.7 billion in the fourth quarter of 2019 to $300 million last quarter, and expects it will shrink to around zero this year.
The group's bosses expect the stronger cash generation will allow them to
The streaming company has been one of the few beneficiaries of the COVID-19 pandemic. Signups surged last year as lockdowns and travel restrictions forced millions of people to spend more time at home, and government closures of gyms, stores, and restaurants severely limited their leisure options.Here's a chart showing Netflix's stellar stock performance over the past year:
- No offline exams up to Class 8 in Delhi govt schools
- CBSE board reduces syllabus for Class 10 social science exam
- 3rd Test: Axar Patel takes six wickets as India bowl out England for 112
- Promises made in Rajasthan govt budget will be fulfilled by robust financial management: CM Gehlot
- On his 100th test, Ishant Sharma is only next to Kapil Dev among Indian fast bowlers