The stock jumped a further 8.8% to US$247.65 in pre-market trade on Tuesday. It expects to spend $2 billion in marketing this year and up to $8 billion in content creation and acquisition.
Netflix may see increasing competition, but the company's growth isn't slowing down anytime soon.
This post will be updated as information becomes available.
"We had a lovely Q4, completing a great year as internet TV expands globally", said a Netflix letter to shareholders with the quarterly report.
Netflix's revenues for the quarter rose to $3.29 billion from $2.48 billion past year.
But the company blew net subscription additions out of the water, logging 8.3 million new net subscribers, a 18% gain over the same period previous year, well above the company's forecast of 6.3 million. The company added 1.98 million customers in the US during the quarter, above its estimates of 1.25 million.
Back in the third quarter, Netflix added 5.3 million memberships globally, a record for the quarter and an increase of 49% from past year.
Netflix (NASDAQ:NFLX) received a $266.00 price target from equities research analysts at Credit Suisse Group in a report released on Tuesday.
Harfst & Associates Inc. increased its stake in Netflix by 36.8% in the second quarter. For the quarter ending Jun-18, 28 analysts have a mean sales target of 3,661.05 million whilst for the year ending Dec-18, 39 analysts have a mean target of 15,003.60 million. Worldwide subscriber additions were 6.36 million, far above its expectation of 5.05 million.
"We believe our big investments in content are paying off", Netflix said in a quarterly letter to shareholders. Netflix said Rodolphe Belmer, the chief executive officer of Paris-based Eutelsat Communications SA, will join its board. Netflix is now forecasting a free cash flow between negative $3 billion and negative $4 billion in 2018, after ending a year ago at negative $2 billion.
The backlash against sexual misconduct allegations also touched Netflix during 2017 with the departure of "House of Cards" star Kevin Spacey.
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