Netflix shares, already up about 78 per cent so far this year, jumped 14 per cent to $394.25 in after-hours trading, and boosted other high-tech stocks.
A surge in the number of subscribers has generated a sharp increase in sales and profits for streaming service Netflix.
Netflix shares soared on Tuesday as the streaming service announced higher growth than expected numbers of new subscribers. Netflix has a 52 week low of $178.38 and a 52 week high of $423.21.
Shares of Netflix have done well in 2018, up about 80 percent on the year even as other tech stocks have taken it on the chin this month amid weakness in so-called FAANG group: Facebook, Apple, Amazon, Netflix and Google. "We'll see how that does in terms of being able to accelerate our growth".
The video streaming pioneer shocked Wall Street last quarter by falling short of new subscriber estimates, but Tuesday's figures put its total customer base at 137 million worldwide, two million more than consensus forecasts.
In the past, Hastings has said on more than one occasion that the next 100 million subscribers for Netflix will come from India.
Revenue in the quarter increased 34 per cent year-on-year to almost $4 billion, while profits more than tripled to $403 million.
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Despite the subscriber gain, Netflix continues to burn cash, as the loss reached nearly $860 million in the quarter.
Netflix has upended the economics of pay TV by offering customers thousands of programmes on-demand for a monthly fee that's a fraction of the cost of a multichannel cable or satellite package.
"Our broad slate of original programming helped drive a solid quarter of growth", Netflix said in a letter to shareholders. The company also added 6.96 million new subscribers, handily beating analysts' expectations. Netflix offered guidance of $874 million for the fourth quarter, while Hargreaves had expected $1.08 billion.
"We're super encouraged with India and the growth that we've got early on, but we know it's going to be somewhat of a tough market".
Now Netflix says they plan to spend $8 billion this year on new content. Those shows made Netflix "feel more local, more relevant" to local consumers, Chief Content Officer Ted Sarandos said during the call. That's up 34 percent from the same period past year. Among the total new Netflix subscribers, it subscribed 1 million in the USA and some 5.9 million overseas. Revenue increased 25% to $4 billion.
Netflix is showing accelerating growth as the company expands.
Analysts from USA financial group Keybanc downgraded their rating on Netflix to "sector weight" from "overweight", questioning whether the company was capable of improving investment returns and margins in years to come.