Netflix subscriptions boom around world, shares jump 20%

BENGALURU (Oct 18): Netflix Inc added over 50% more subscribers than expected in the third quarter as original shows such as "Stranger Things" drew new international viewers and kept US customers despite a price hike, sending its shares soaring 20% in late trade.

The company broke a two-quarter trend of disappointing subscription growth. Netflix, which has spent heavily to expand outside its home market, also said that it was on track to start harvesting "material global profits" next year, even as it raised spending on original programming.

Shares of Netflix rose to US$119.82 ($166.4) in extended trade from a close of US$99.80.

---

Related Stories

• Netflix strategy shift spurs worst-to-best comeback for stock
• Lockdown winners from Peloton to Zoom at risk even after US$218 billion rout
• Is it worth Investing in the Netflix of education?

---