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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.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.