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Netflix blows past Q3 subscriber estimates with 5.3 million net additions

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Netflix blows past Q3 subscriber estimates with 5.3 million net additions

Netflix Inc. on Oct. 16 reported a hefty third-quarter beat on memberships, driven in large part by better-than-expected international gains.

The company reported net membership additions of 5.3 million, well above guidance of 4.4 million issued during the company's July 17 second-quarter release. International member additions came to 4.45 million, compared to guidance of 3.65 million.

The membership beat translated into outperformance on revenue but lower-than-expected EPS.

Netflix reported total third-quarter revenue of $2.99 billion, up from $2.29 billion in the year-ago quarter and slightly above the $2.97 billion forecast in July.

On profitability, the streaming giant posted third-quarter net income of $129.6 million, or 29 cents per share, compared to $51.5 million, or 12 cents per share, reported a year prior. The EPS result comes in slightly lower than the 32 cents predicted in the July guidance.

The consensus EPS estimate for the third quarter was 32 cents, according to S&P Capital IQ.