Netflix Inc is growing again, and Hollywood can breathe a sigh of relief.
The streaming leader added 2.41 million customers in the third quarter, exceeding internal forecasts as well as expectations on Wall Street. Netflix grew in all regions of the world and said in a shareholder letter on Tuesday that it expects to sign up another 4.5 million globally this period.
Shares of Netflix rose as much as 16% to $278.94 in extended trading after the results were out. The stock was down 60% this year through the close Tuesday in New York. Other streaming companies, such as Roku Inc. and Walt Disney Co, also rose. The soaring dollar is taking a bite out of revenue and earnings. While Netflix said it can adjust content spending and pricing accordingly, its forecast for fourth-quarter sales and profit fell short of Wall Street estimates. The company estimates sales of $7.78 billion this quarter, below the $7.98 billion forecast by analysts. Earnings are expected to come in at 36 cents a share, a fraction of the $1.20 estimated on Wall Street.
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