Streaming giant Netflix ended 2019 on a strong note with increased subscribers and revenue, but acknowledged it’s feeling the squeeze from rival streaming services run by Apple and Disney.

The fourth quarter results included a 31% increase in revenue year-on-year, which sent shares more than 2% higher in after-hours trading. But while it revealed 8.8 million new subscribers globally, North America only accounted for 550,000 of these – below analyst estimates – as it cited recent price changes and “US competitive launches”.

Its outlook for the first quarter of 2020 is more cautious, forecasting just 7 million new global subscribers, although it highlighted upcoming releases including Altered Carbon that will follow a successful Q4 content slate such as the third series of The Crown and the launch of The Witcher.