Movie streaming service, Netflix added millions of subscribers in Q4 2022, according to the company's fourth-quarter earnings released this week, beating Wall Street's expectations in terms of net subscriber additions.

The service added 7.7 million subscribers between October and January, bringing its total subscriber base to 231 million, as at the end of 2022.

Following a record year that saw Netflix add 36 million subscribers in 2020, the media company had seen its subscriber growth slow significantly in 2021 before it came to a  halt in the first half of 2022. Between January and June, the company lost 1.2 million subscribers, causing unrest among the company's shareholders.

Netflix's bounce back from a sub-optimal start into the past year was driven by the release of milestone titles like the fourth season of the hit show "Stranger Things" and successful new successful franchises like "Wednesday."

The company also launched a cheaper tier with ads in November but has not disclosed what portion of the new subscriptions are from users who have opted for this service.

Despite beating its forecast for two quarters in a row, Netflix says it only expects moderate subscriber growth in the first three months of 2023.