Streaming giant Netflix has posted its largest subscriber growth on record in the fourth quarter, adding 13.1 million subscribers.

In a shock to forecasters - who only expected little more than four million new sign-ups - the report suggests the Netflix's new strategy to crackdown on password sharing is paying dividends.

Revenue also rose above forecasts to $8.8billion (£6.92billion) over the three month period.

"We largely put price increases on hold as we rolled out paid sharing. Now that we're through that, we're able to resume our standard approach," co-chief executive Greg Peters said on a call with analysts to discuss its latest quarterly update.

"The summary statement might be, 'back to business as usual'."

In addition to introducing adverts and cracking-down on passwords, Netflix is looking to rival other streaming services such as Amazon Prime by offering live events.

In was announced on Tuesday that Netflix would be new home of WWE Raw in a 10-year, $5billlion (£3.9billion) deal.

FTSE 100

The UK's flagship share index, the FTSE 100, was up xx-points at xx shortly after opening this morning.

Brent crude oil futures were up 0.28% today, trading at $79.77 a barrel.

Companies reporting today

  • ASML - Q4 Results
  • Abrdn - Pre-Close Trading Statement
  • Computacenter - Pre-Close Trading Statement
  • Easyjet - Q1 Trading Statement
  • Fresnillo - Q4 Production Report
  • Hochschild Mining - Q4 Production Report
  • J D Wetherspoon - Q2 Trading Statement
  • Quilter - Q4 Trading Statement
  • Tesla - Q4 Results
  • Tullow Oil - Trading Statement

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