Illustration of stock trading graph of Netflix seen on a smartphone screen.
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Netflix added millions more subscribers in the fourth quarter than Wall Street expected, helping to send shares of the streamer up after the bell despite a big earnings miss.
The company also disclosed that co-CEO Reed Hastings would be stepping down from his position and transitioning to the post of executive chairman. Greg Peters, the company’s chief operating officer has been promoted to co-CEO alongside the already established Ted Sarandos.
Here are the results:
- EPS: 12 cents vs 45 cents per share, according to Refinitiv.
- Revenue: $7.85 billion $7.85 billion, according to Refinitiv survey.
- Global paid net subscribers: 7.66 million adds, compared to 4.57 million subscribers expected, according to StreetAccount estimates.
Netflix’s EPS missed largely due to a loss related to euro-denominated debt, but its margins of 7% still topped Wall Street’s…
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