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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.

Clinton-linked lawyer indicted in investigation of FBI's Russia probe

Photo: Eric Baradat/AFP via Getty Images

A grand jury has returned an indictment against Michael Sussmann, a lawyer whose firm represented the 2016 Clinton campaign, for lying to the FBI about not representing "any client" when he presented them with allegations about a secret Trump Organization back-channel to a Russian bank.

Why it matters: It's the second criminal charge stemming from special counsel John Durham's review of possible misconduct by the intelligence community and prosecutors who investigated the 2016 Trump campaign's ties to Russia.

Federal judge blocks Biden administration's use of Title 42 policy

Photo: Stefani Reynolds/Bloomberg via Getty Images

A federal judge on Thursday blocked the Biden administration from enforcing a public health order that fast-tracked deportations of migrant families at the southern border.

Why it matters: President Biden has faced significant backlash for retaining the Trump-era policy, which was implemented as a COVID containment measure. The expulsions deny adult migrants and families the chance for asylum.