Netflix added 8.8 million worldwide subscribers during its fourth quarter, surpassing expectations at a time when it faces heated competition from new streaming challengers such as Disney.
Netflix had said it expected to add 7.6 million subscribers, and analysts thought the service would fare even better. The increase pales slightly next to the 8.9 million subscribers the service added in the fourth quarter of 2018.
The stock dropped about 2.5 percent in after-hours trading, likely due to a cautious forecast for its first quarter.
The company — a pioneer in producing streaming media and binge-worthy shows — now boasts more than 167 million subscribers worldwide, bolstered by a list of well-received movies and shows released late last year including Oscar nominees "The Irishman" and "Marriage Story."
The boost helps reaffirm Netflix's strong standing in the increasingly crowded world of video streaming. The fourth quarter was More