Tuesday saw Netflix shares leap to a record high after the company posted strong subscriber growth for the fourth quarter. It ended the December quarter with 117.58 million streaming subscribers worldwide, including 54.75 million in the U.S. and 62.83 million in foreign markets, having added a record gain of 8.33 million subscribers. Its target for the quarter had been 6.3 million.
Netflix credited the strength of its original content for its strong performance, with established shows like The Crown, Black Mirror, and Stranger Things, and a slate of new programs all being highly popular with viewers.
“In its first month, Bright has become one of our most viewed original titles ever,” Chief Executive Reed Hastings said in a letter to shareholders. “We’re thrilled with this performance and are planning a sequel as well as additional investment in original films.”
Revenue for the quarter increased nearly 33% to $3.29 billion, beating analysts’ estimates of $3.28 billion. Netflix posted a fourth-quarter profit of $186 million, or 41 cents a share, compared with a year ago when it brought in $67 million or 15 cents a share.