The street is still give its love to Netflix today with shares jumping up 7.2%. That is after the stock rose more than 5 percent after hours yesterday.
Yesterday Netflix announced added far more users than expected in the first quarter. The gain were drive by their new TV series and specials. The streaming tech company posted quarterly earnings that were in line with expectations and revenue that was slightly above estimates.
Netflix has relied on international growth and heavy investments in original content to drive subscriptions — and Monday’s results provided an update on their effectiveness.
Netflix’s addition of more than 7.4 million international subscribers set a new record, marking growth of 50 percent from a year ago.
Chief content officer Ted Sarandos said Netflix has shot original content in 17 countries as it focuses more on local programming, and that many of Netflix’s foreign-language shows would be considered “big hits” on American cable channels, thanks to artful subtitling. CEO Reed Hastings added that Netflix has also seen success on its international mobile app offerings. But Hastings also said that the company hadn’t changed its view on expanding in China, and will continue to license content.
