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Netflix shares soar on Q3 subscriber, earnings beats

Netflix Inc. shares jumped by double-digit percentages in after-hours trading Oct. 16 after the company posted better-than-expected numbers on key third-quarter earnings metrics.

The company reported 6.96 million net streaming customer additions in the third quarter, well above its guidance of 5.00 million. U.S. streaming net gains came in at nearly twice expectations, at 1.09 million. International streaming net additions came to 5.87 million, above the company's prior guidance of 4.4 million. Netflix's total streaming memberships from across the globe came to 137.10 million.

Net income climbed to $402.8 million, or 89 cents per share, from $129.6 million, or 29 cents per share, in the prior-year period. The S&P Global Market Intelligence consensus EPS estimate for the third quarter was 68 cents.

Revenue for the quarter came to about $4.00 billion, up 34.0% year over year from $2.98 billion.

Looking ahead, Netflix expects fourth-quarter revenue of $4.20 billion, net income of $105 million and EPS of 23 cents. The consensus normalized EPS estimates for the fourth quarter is 49 cents, according to S&P Global Market Intelligence.

The company expects 9.4 million global net additions in the fourth quarter, with 1.80 million in the U.S. and 7.60 million internationally.