(Reuters) -Netflix Inc forecast fourth-quarter paid subscriber additions above Wall Street estimates on Tuesday, banking on the success of the South Korean hit series “Squid Game” and content investments to fend off competition.
With a 111 million-strong fan base in just 27 days after its release, low-cost survival drama “Squid Game” has become Netflix’s biggest original show launch ever, underpinning its efforts to ramp up investments in overseas content.
Analysts are enthusiastic about the platform’s success rates with international shows, betting on it to sustain growth in the coming quarters, apart from its recent venture into gaming as the lockdown boom fades.
The company said it expects to add 8.5 million paid subscribers in the current quarter, compared with analysts’ estimate of 8.33 million, according to IBES data from Refinitiv.
Third-quarter revenue rose to $7.48 billion from $6.44 billion, and was in line with estimates, according to Refinitiv data.
The company’s shares were up 3% in extended trading.
(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)
