Netflix Inc. shares soared to a record high on Wednesday after the streaming giant reported its biggest quarterly subscriber gain in history, buoyed by its first major live sporting events and the return of Squid Game.
The company added 18.9 million customers in the fourth quarter, according to a shareholder letter Tuesday. That was more than double what Wall Street expected and brought global subscribers at Netflix to more than 300 million. The company’s previous best was 15 million in the first quarter of 2020 — numbers driven by the onset of the coronavirus pandemic.
MoffettNathanson senior research analyst Robert Fishman breaks down the numbers and explains why other streamers may be forced to “come together” as Netflix continues to dominate the home entertainment market. Robert speaks with Tom Keene and Paul Sweeney on Bloomberg Radio. (Source: Bloomberg)
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