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Netflix beats third quarter earnings targets with 5 million new customers

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Shares of Netflix rose 3.5 per cent to $711.98 in after-hours trading following the earnings report on Thursday

picked up 5.1 million streaming subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, and said it expected higher customer growth around the holidays when Korean drama “Squid Game” returns.

Diluted earnings per share landed at $5.40, above the consensus forecast of $5.12. Revenue hit $9.825 billion, just ahead of the $9.769 billion consensus forecast. “We've delivered on our plan to reaccelerate our business, and we’re excited to finish the year strong with a great Q4 slate,” the company said in a letter to shareholders. New programming will include the second season of Korean drama “Squid Game.”

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