Netflix Inc. (NASDAQ: NFLX) reported its most recent quarterly results after the closing bell Tuesday. The firm said that it had $1.74 in earnings per share (EPS) and $6.44 billion in revenue, compared with consensus estimates that called for $2.13 in EPS and $6.38 billion in revenue. In the third quarter of last year, Netflix reported $1.47 in EPS and $5.24 billion in revenue.

In the third quarter, revenue grew 22.7% year over year, while quarterly operating income came in at $1.32 billion. Average streaming paid memberships in this quarter rose 25% while streaming average revenue per user increased 1.6%.

During the quarter, global net subscription additions totaled 2.20 million. Note that Netflix now has a total of 195.15 million total memberships worldwide.

Looking ahead to the fourth quarter, the company is calling for $1.35 in EPS on $6.57 billion in revenue. At the same time, the company is expecting to see net subscriber adds of 6.00 million. There are consensus estimates calling for $0.94 in EPS on $6.58 billion in revenue.

On the books, Netflix finished the quarter with cash and cash equivalents of $8.39 billion, compared with $5.02 billion at the end of the 2019 full year.

Shares of Netflix closed at $525.42 on Tuesday, in a 52-week range of $265.80 to $575.37. The stock has a consensus price target of $526.97. Following the announcement, the stock was initially down 5% at $497.10 in the after-hours trading session.

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