Netflix Shares Soar Over 18%

 

Shares in video service Netflix soared over 18% Tuesday morning following a better than expected third-quarter earnings report.

The company added 3.57 million net subscribers worldwide in the quarter, with 888,000 in the U.S. and 2.74 million internationally. Netflix now has 83.2 million paid subscribers, 46.4 million in the U.S.

Global streaming revenue was $2.2 billion in the quarter, 40% generated from abroad. Total revenue in the quarter was $2.29 billion and net income of $51.5 million.

Netflix is projecting it will add 5.2 million customers in the fourth quarter.

The company is receiving critical acclaim for its original series Narcos and Stranger Things.

In 2017, Netflix intends to release over 1,000 hours of premium original programming, up from over 600
hours this year.