Netflix well outpaced the projections it set for subscriber growth in the fourth quarter, adding (PDF) more than 7 million new subscribers.
In all, the company added 1.93 million domestic subscribers and 5.12 million international subscribers, totaling 7.05 million. The company had originally predicted it would add 5.2 million subscribers, in line with Wall Street analysts’ estimates.
The fourth-quarter total exceeded the 5.59 million subscribers Netflix added a year ago. Grand total, Netflix added 19 million subscribers in 2016 and brought its total subscriber count up to 93.8 million.
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Looking ahead to the first quarter of 2017, Netflix is predicting it will add 5.2 million new subscribers: 1.5 million in the U.S. and 3.7 million internationally. That total would represent a year-over-year decline.
“Our anticipation for a year-over-year decline in domestic net adds reflects a difficult comparison in the year ago quarter where we exceeded our net adds forecast by 27%,” the company wrote in a news release.
During the fourth quarter, Netflix grew its global streaming revenue by 41% annually to $2.4 billion, and saw its profit rise 74% to $470 million, on a 20% margin.
Operating profit reached $154 million and net income hit $67 million.
As for Netflix’s content plans, the SVOD touted its recent slate of originals in the U.S. as well as its efforts to attract local programming in international markets.
“We continue to invest in local programming to complement our content offering and as a means to introduce new members to our global library. We are focusing on local content that travels pan-regionally or across multiple territories, such as Japanese anime and Turkish dramas,” the company wrote.
Netflix intends to spend $6 billion on content in 2017, up from the $5 billion it spent in 2016.