Netflix, Inc. NFLX 1.59% reported Q4 adjusted EPS of $0.07 versus consensus expectations of $0.02. However, with the stock currently sporting a P/E ratio of 273.8, it’s clear that profits are of no importance to the market, at least in the short-term.

Instead, many Netflix bulls look to subscriber growth to justify the stock’s loft valuation and long-term earnings potential. In Q4, Netflix reported domestic adds of 1.56 million, slightly below expectations of 1.62 million.

International subscriptions, however, came in at 4 million, well ahead of consensus expectations of 3.5 million. Unfortunately for Netflix shareholders, these new international customers are expensive.

Netflix also confirmed…

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