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Illustration: Rebecca Zisser/Axios

Netflix's stock was up more than 10% in after-hours trading on Tuesday after the entertainment giant blew past investor expectations for subscriber growth in the first quarter.

Why it matters: Nielsen and other measurement vendors reported that Netflix was experiencing a surge in viewership during the coronavirus pandemic. Netflix blew past the high end of Wall Street's new subscriber estimates, nearly doubling them.

Details: The company also posted its first quarter as a cash flow positive company, partly because it had to halt production spend in response to the coronavirus outbreak.

Yes, but: The streamer conceded that although viewership and subscriber numbers were up, the rate of the U.S. dollar depressed its international revenue, resulting in revenue-as-forecast.

Between the lines: Netflix benefitted from a few huge hits this past quarter as well. The streaming giant, which uses its own measurement standards that are not precisely comparable to television viewership standards, said 64 million households watched its hit documentary 'Tiger King," and its hit reality show 'Love Is Blind' was viewed by 30 million.

By the numbers, per CNBC:

  • Earnings per share: $1.57 per share vs. $1.65 (per Refinitiv consensus estimates)
  • Revenue: $5.77 billion vs. $5.76 billion expected, per Refinitiv
  • Paid subscriber additions: 15.77 vs. 7.2 million expected, per FactSet
  • Total subscriber count: 182.86 million globally

What's next: Netflix will hold a video Q&A presentation for investors at 6pm ET.

Go deeper: Netflix's earnings over the past year:

Go deeper

S&P 500 earnings aren't looking as bad as feared in Q2

Photo: Johannes Eisele/AFP via Getty Images

S&P 500 companies have beaten earnings estimates at a higher pace than usual in the second quarter, Deutsche Bank analysts point out in a recent note to clients.

Why it matters: That suggests businesses may have rebounded more strongly than originally thought from the coronavirus pandemic in May and June, they argue.

Updated 2 hours ago - Politics & Policy

New York AG alleges "significant evidence" of Trump Organization fraud

Combination images of former President Trump and New York State Attorney General Letitia James. Photo: Al Drago/Bloomberg via Getty Images; Scott Heins/Getty Images

New York's attorney general filed a motion Tuesday seeking to compel former President Trump and his two elder children to appear for sworn testimony in her office's civil investigation into the Trump Organization's financial dealings.

Why it matters: Attorney General Letitia James revealed new details in the court filing and a statement on her office's investigation into the Trump Organization's business practices, including a preliminary finding alleging the company used "fraudulent and misleading asset valuations to obtain economic benefits."

4 hours ago - Technology

Ex-N.Y. Post digital chief files lawsuit alleging sexual harassment

Richard B. Levine) (Photo by Richard Levine/Corbis via Getty Images

Former New York Post editor Michelle Gotthelf is suing her former employer, its parent company News Corp. and two editors, alleging she was reprimanded after complaining to senior executives that she was sexually harassed by retired N.Y. Post editor-in-chief Col Allan. The N.Y. Post issued a statement denying any wrongdoing.

Why it matters: "I felt that I owed it to myself and I owed it to the news organization and the people who answered to me," Gotthelf, who was a long time editor at the N.Y. Post, told Axios in an interview.