Revenue in the fourth quarter jumped 16% year-over-year, reaching $10.25 billion, higher than the $10.11 billion Wall Street had predicted.

Shares of Netflix soared 13% to an all-time high on Wednesday after the streaming giant's big bet on sports helped add a record 18.9 million subscribers in the holiday quarter, ballooning its already sizeable advantage over other players.

Netflix reports record-breaking subscriber growth, surpassing 300 million. However, price hikes in key regions like the U.S. and Canada have drawn criticism, reigniting debates about streaming costs and user affordability.