Netflix on Tuesday reported that it topped 200 million paid subscribers globally in the recently ended quarter as annual revenues topped $25 billion for the streaming television giant.

Netflix shares jumped more than 10 per cent in after-market trades to $553.50 after release of the report which showed better growth in subscribers than expected despite recently raising rates.

For the full year, Netflix added a record 37 million paid memberships, according to the earnings report.

"We're enormously grateful that in these uniquely challenging times we’ve been able to provide our members around the world with a source of escape, connection and joy while continuing to build our business," Netflix said in a letter to investors.