Netflix beats on earnings, subscribers with boost from 'Squid Game' mania

'Squid Game' is already Netflix's biggest TV show ever, the company said

Netflix was able to rake in more earnings and new subscribers than Wall Street expected in the third quarter, thanks in part to the streaming giant's internationally popular show "Squid Game."

The company reported Q3 earnings of $3.19 a share, beating FactSet analysts' expectation of $2.57 a share after falling short on expectations in the prior quarter. 

Netflix CEO Reed Hastings

Netflix CEO Reed Hastings. (Getty Images)

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Netflix also surpassed even its own target on subscriptions for the quarter, adding 4.4 million new paid memberships after forecasting 3.5 million. The firm ended Q3 with a total of 214 million subscribers worldwide, and expects to add another 8.5 million in Q4.

The streaming service said it saw strong viewership of returning shows the last quarter, including the fifth season of "Money Heist," which 69 million households tuned in to watch, and the third season of "Sex Education," which drew in 55 million households.

Squid Game

'Squid Game' is Netflix's biggest hit ever. (Netflix)

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But South Korean survival drama "Squid Game" has already become Netflix's biggest television show ever, drawing in 142 million member households worldwide just in the four weeks since it was first released.

The company said the dystopian hit has ranked No. 1 in 94 countries, including the U.S.

Netflix Squid Game

Netflix's 'Squid Game' shows how important international markets are for the streaming giant. (NETFLIX/YOUNGKYU PARK)

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Netflix also announced that starting later in the year, the company will change how it reports its viewership numbers, switching from number of accounts that watch a show to the number of hours viewed of each title.