LOS ANGELES - Netflix (NASDAQ:NFLX) has reported a substantial increase in subscribers and profits for the fourth quarter (Q4), signaling strong momentum as the streaming giant continues to navigate the competitive digital entertainment landscape. The company's strategic initiatives to enhance revenue and streamline access have shown positive results, with a significant surge in both subscriber numbers and profits.
In the latest quarter, Netflix added 13 million new subscribers, bringing its total global subscriber count to over 260 million. This growth reflects the success of recent measures including the adjustment of subscription pricing, the implementation of stricter controls to limit non-paying customer access, and the forging of new advertising partnerships.
Financially, Netflix has seen a remarkable increase in its profitability, with Q4 profits reaching $938 million. This marks a considerable improvement compared to the same period in the previous year. Revenue also climbed to $8.83 billion, up 13% from the prior year, indicating a solid financial performance for the company.
The market has responded favorably to Netflix's announcements, with shares rising over 8% in after-market trades. This uptick in share price underscores the confidence investors have in the direction Netflix is taking, particularly in light of the company's future content offerings.
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