Netflix posts biggest membership growth in Q4

By Ovunc Kutlu

NEW YORK (AA) - Netflix had its biggest quarterly membership growth in fourth quarter of 2016 as it added 7.05 million new subscribers globally, according to company's earnings statement Wednesday.

The U.S.-based multinational entertainment and online streaming giant added 1.93 million new members domestically and 5.12 million new members internationally, during the fourth quarter, bringing its total number of subscribers to almost 94 million worldwide.

Late November, Netflix announced the free-of-charge service of allowing subscribers to download content on their devices for watching without internet connection.

The firm also saw its revenue grow 36 percent to $2.48 billion in the fourth quarter of 2016, from $1.82 billion the same period a year ago.

Net income increased 54 percent to $66.8 million, from $43.2 million, during the same period.

After strong financial and subscription results, Netflix stock price jumped 9.2 percent to $145.52, after closing at $133.26 per share on Wall Street.

The company said it forecasts to add 5.2 million new members during the first quarter of this year, 1.5 million coming from the U.S. and 3.7 million from international markets.