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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

Dion Rabouin, author of Markets
Jul 29, 2020 - Economy & Business

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.

Ben Geman, author of Generate
3 mins ago - Energy & Environment

Higher education expands its climate push

Illustration: Aïda Amer/Axios

New or expanded climate initiatives are popping up at several universities, a sign of the topic's rising prominence and recognition of the threats and opportunities it creates.

Why it matters: Climate and clean energy initiatives at colleges and universities are nothing new, but it shows expanded an campus focus as the effects of climate change are becoming increasingly apparent, and the world is nowhere near the steep emissions cuts that scientists say are needed to hold future warming in check.

Ina Fried, author of Login
29 mins ago - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.