Netflix soars as earnings highlight dominance in 'streaming wars'

FILE PHOTO: The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, U.S., July 12, 2023. REUTERS/Mike Blake/File Photo

(Reuters) -Netflix soared 11% on Wednesday as its blowout subscriber growth cemented investor confidence the firm has won the streaming wars with its password-sharing crackdown and a strong content slate.

The company said on Tuesday 13.1 million signed up for its service in the fourth quarter, marking its best growth since the start of the pandemic and handily beating estimates of 8.97 million subscribers.