Video streaming giant Netflix, Inc. (NASDAQ: NFLX) Tuesday reported a 9% increase in subscribers for the third quarter of 2021. Revenues and earnings increased year-over-year. The bottom line also topped expectations.
At the end of the third quarter, the company had 213.56 million paid subscribers, which is up 9% from last year. Revenues climbed 16.3% annually to $7.48 billion and matched Wall Street’s projection.
Net income came in at $1.45 billion or $3.19 per share in the third quarter, up from $790 million or $1.74 per share recorded in the same period of 2020. Market watchers had forecast slower bottom-line growth for the latest quarter.
Read management/analysts’ comments on Netflix’s Q3 report
Shares of Netflix made strong gains in Tuesday’s extended trading following the announcement, after closing the regular session higher.