Monday October 17, 2016

Netflix Shares Soar On Huge Growth In Subscriber Additions

Netflix didn't just beat analyst estimates for subscriber growth, it crushed them. The company added roughly 3.2 million new subscribers while analysts had predicted only 2 million.

Netflix Inc added many more subscribers in the third quarter than analysts expected as new original shows such as "Stranger Things" kept users hooked to the service, sending the company's shares up 19 percent in extended trading on Monday. The company, which had reported disappointing subscription growth for the last two quarters, forecast current-quarter subscriptions that blew past analysts' expectations. Netflix added about 3.20 million subscribers internationally in the third quarter, beating the average analyst estimate of 2.01 million.