Netflix Shares Explode as Subscriber Gains Greatly Exceeds Expectations

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Netflix shares rose in after hours trading following a better than expected quarter from the company.

The video streaming service earned $2.3 billion in revenue during its most recent quarter, ahead of analyst forecasts.

Netflix also gained 370,000 new subscribers in the US and 3.6 million globally, far beyond the company’s own guidance of 2.3 million.

Netflix original content proved strong this year with new shows like Stranger Things and The Get Down, as well as season renewals for shows such as Narcos and new Marvel content.

Shares spiked 19%, handily erasing the 13% Netflix lost since the beginning of the year.

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