Netflix shares soared 15 percent after the company beat earnings estimates during its latest quarterly report on Tuesday.
- Revenue: $4 billion vs. $4 billion estimated, per a Refinitiv consensus estimate
- Earnings per share (EPS): 89 cents vs. 68 cents estimated, according to a Refinitiv consensus estimate
- Subscriber additions: 6.96 million
- Domestic subscriber additions: 1.09 million vs 673,800 estimated, per FactSet
- International subscriber additions: 5.87 million vs. 4.46 million estimated, according to FactSet
Analysts from Morgan Stanley, Goldman Sachs and Raymond Jamescut their price targets on Netflix ahead of its earnings report, due to a combination of the strength of the dollar, rising interest rates and increasing expenses for the company.
Still, Netflix shares are up 78 percent this year, as consumers continue to cut the cord. EMarketer projects more than 60 percent of the U.S. population will be using over-the-top services like YouTube, Netflix, Amazon, Hulu and HBO Now by the end of the year, an increase of 3 percent from a year earlier.
Disclosure: CNBC parent company NBCUniversal is an investor in Hulu.