Netflix Beat Q4 Net Subscriber Additions October Forecast by 42%
Netflix had 8.51 million global net subscriber additions in Q4, beating its Oct. 20 forecast by nearly 42%, said the company Tuesday. It finished 2020 with 36.6 million net subscriber adds, well above the previous high of 28.6 million in…
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2018, and 31% above the company’s 2019 performance. The result was 2.9% off the pace of the 2019 quarter, vs. projections of a 32% year-on-year decline. Netflix surpassed 200 million subscribers for the first time. “The big growth in streaming entertainment has led legacy competitors like Disney, WarnerMedia and Discovery to compete with us in new ways, which we’ve been expecting for many years,” said the quarterly shareholder letter. “This is, in part, why we have been moving so quickly to grow and further strengthen our original content library across a wide range of genres and nations.” Netflix is forecasting 6 million paid net adds for Q1, which would be 62% below the level achieved in the 2020 quarter, when COVID-19 lockdowns sent subscriber growth through the roof. The stock was trending 9.8% higher in after-hours trading to $551.35.