January 22, 2014 - 1:35 PM
SAN FRANCISCO - Netflix's fourth-quarter earnings soared as the Internet video service added another 2.3 million U.S. subscribers to burnish its status as one of the world's most popular entertainment options.
The financial results announced Wednesday topped analyst estimates.
Investors, though, tend to focus more on Netflix's subscriber growth because the widening audience provides the company with the means to finance even more compelling content to show in the future.
Netflix Inc. ended December with 33.4 million U.S. subscribers, up from 31.1 million in September.
The Los Gatos, Calif. company earned $48 million, or 79 cents per share, during final three months of last year. That compared to $8 million, or 13 cents per share, at the same time in 2012.
Revenue rose 24 per cent from the previous year to nearly $1.2 billion.
News from © The Associated Press, 2014