Netflix blows away expectations on subscriber numbers

Netflix added millions more subscribers in the fourth quarter than Wall Street expected, helping to send shares of the streamer up after the bell despite a big earnings miss.

The company also disclosed that co-CEO Reed Hastings would be stepping down from his position and transitioning to the post of executive chairman. Greg Peters, the company’s chief operating officer has been promoted to co-CEO alongside the already-established Ted Sarandos.

Here are the results:

EPS: 12 cents vs 45 cents per share, according to Refinitiv.
Revenue: $7.85 billion $7.85 billion, according to Refinitiv survey.
Global paid net subscribers: 7.66 million adds, compared to 4.57 million subscribers expected, according to StreetAccount estimates.