Online streaming giant, Netflix has beaten expectations with record subscriber numbers, resulting in its market value whizzing past the $100 billion mark for the first time. Its share also were up by 9 per cent.
Financial Times reports that the subscriber numbers for the Q4/17 beat analysts forecasts on the back of successful shows like ‘The Crown’ and ‘Stranger Things’. The company had signed up 6.36 million subscribers globally, more than the average analyst estimates of 5.1 million.
Its shares surged to $248 before settling at $246.68.
A letter to shareholders from the company said, “We had a beautiful Q4 [fourth quarter], completing a great year as internet TV expands globally. In 2017, we grew streaming revenue 36% to over $11bn, added 24m new memberships (compared to 19m in 2016), achieved for the first time a full-year positive international contribution profit, and more than doubled global operating income.”