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Photo: Jaap Arriens/NurPhoto via Getty Images

Netflix's stock was up roughly 10% on Wednesday, after the company said it surpassed expectations for earnings per share and international subscriber growth, a key metric for the company because of saturation in the U.S.

Why it matters: This quarter's earnings are the last before the "streaming wars" really begin to pick up. Disney is expected to launch its subscription streaming service Disney+ on November 12th. AT&T and Comcast/NBCUniversal are slate to launch their respective streaming services next April.

Details: Netflix missed its own projections for domestic subscriber growth slightly, and it projected a lower number of subscriber additions for the following quarter than what investors were expecting.

By the numbers: per CNBC:

  • Earnings per share: $1.47 vs. $1.04 expected, per Refinitiv estimates
  • Revenue: $5.24 billion vs. 5.25 billion expected, per Refintiv
  • Domestic paid subscriber additions: 517,000 vs. 802,000 expected, per FactSet estimates
  • International paid subscriber additions: 6.26 million vs. 6.05 million expected, per FactSet

What's next: Netflix will hold a video Q&A presentation for investors at 6:00 pm ET.

Go deeper

Dan Primack, author of Pro Rata
44 mins ago - Economy & Business

IPO market holds firm amid stock market tumult

Illustration: Aïda Amer/Axios

The IPO market is doing its best Alfred E. Neuman impression so far this week, refusing to entertain everyone else's worries.

The big picture: Both the Dow and S&P 500 fell nearly 2% yesterday, as investors tried to measure the fallout of Chinese construction giant Evergrande defaulting on its $300 billion in liabilities.

2 hours ago - World

Sudanese government says it put down coup attempt

Prime Minister Abdullah Hamdok (L) and Sovereign Council Chief Gen. Abdel Fattah al-Burhan. Photo: Ashraf Shazly/AFP via Getty

The Sudanese government announced on Tuesday morning that its military and security services had foiled an attempted coup from within the country’s armed forces.

Why it matters: The apparent coup attempt comes with Sudan’s transitional government — in which power is shared between civilians and generals — facing crises on several fronts two years after dictator Omar al-Bashir was toppled in a popular uprising.

3 hours ago - Health

Johnson & Johnson says booster shot increases efficacy of COVID vaccine

Syringes and a vial of the Johnson and Johnson COVID-19 vaccine in French Polynesia on Sept. 8. Photo: Jerome Brouillet/AFP via Getty Images

Johnson & Johnson said in a press release Tuesday a global study showed that the protection offered by its coronavirus vaccine was strengthened by a booster shot.

Why it matters: While J&J has not formally applied for authorization to offer booster shots to the general public, it said it has shared the results of the study with the Food and Drug Administration and plans to share it with the World Health Organization and other health regulators.