Netflix shares rally as stellar numbers seen in firm’s 3Q report

Netflix

Shares of the video streaming company, Netflix, scored a fresh record high on Monday trading, on the back of an outstanding third quarter earnings reported on the same day.

According to the figures released by the firm, there were approximately 5 million subscribers abroad and more than 800 000 in the US were added in the past three months ending September, which totaled to an aggregate 109 million subscribers all over the world.

Investors cheered the upbeat report, which steered Netflix shares to 1.9% surge in the stock market, adding $3.81, to breach past the $200-mark for the second time in two weeks at $202.68 per share.

Earlier in the trading the day, Netflix shares even rose up to more than 4% at $211 per share but pared some gains at the close.

Another highlight of the report was the firm’s third quarter net income of $130 billion, up from $52 million in the year prior. The revenue from July to September registered at a whopping $2.9 billion.

The video streaming giant penned a letter to its subscribers expressing its gratitude to them and revealing that the firm is expecting a great end to the year, on track to record $11 billion revenue.

The subscribers growth in the past three months have been mostly accounted to major increase of overseas users, which recorded 44% rise in membership abroad compared to just 9% additional membership in the US.

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