Netflix subscribers reach over 260 million, tops revenue estimates

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Netflix subscribers reach over 260 million, tops revenue estimates

Shares of Netflix jumped in extended trading yesterday after the company reported higher-than-expected subscriptions during the fourth quarter. That represents a stronger growth than Wall Street expected as the streamer builds its ad-supported service and cracks down on password sharing. Netflix now has 260.8 million paid subscribers, a new record for the platform. While rivals in the streaming space have struggled to reach profitability, Netflix is prepared to invest in a larger slate. But it said it won't do that through acquisitions of traditional entertainment companies or linear assets, the company said in a letter to shareholders. The subscriber growth was driven by strong demand for shows including the final season of the royal drama 'The Crown' and David Fincher's 'The Killer'.