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Netflix Shares Soar 16% After Surpassing 203 Million Subscribers

LOS GATOS — Shares in Netflix soared 16.8% on Wednesday after announcing it has more than 203.6 million subscribers worldwide.

The company said it added 8.51 million subscribers in the fourth quarter and net income of $542 million on $6.6 billion in revenues. With the pandemic keeping people home around the world, streaming services have benefited greatly. Netflix remains on top as the streaming leader even with a wave of competitors including Disney, WarnerMedia and Discovery launching their own services.

Netflix said paid streaming memberships were up 23% from the previous year. The company projects it will add 6 million subscribers in the first quarter to surpass 209 million.

Netflix stock was up $84.57 to close at $586.34 on Monday.

CEO Reed Hastings celebrated the 200 million member milestone by eating a steak from Denny’s according to a post on Twitter. Hastings also ordered steak from Denny’s when Netflix surpassed one million subscribers.