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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.

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6 mins ago - World

Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.