Netflix hits an all-time high after crushing earnings

Picture: Netflix

NEW YORK CITY — Netflix took off after announcing better than expected earnings for the second quarter.

The company added 5.2 million total streaming subscribers, which was much higher than the 3.2 million expected by Wall Street. It also beat Wall Street’s guidance numbers for the third quarter, saying it expects 4.4 million new subscribers compared to the 3.99 million expected, according to data from Bloomberg.

The news sent shares of Netflix rocketing higher. Shares were up 8.36% higher, and are trading at an all-time high of $US175.18 in after-market trading. The company’s previous intraday high was $US166.87 on June 30 of this year.

Subscriber growth is one of the most important numbers for the company, as it doesn’t have advertisements on its platform. The company brought in $US2.78 billion in revenue, compared to the $US2.76 expected, on the back of the subscriber growth.

The company missed slightly on earnings per share, bringing in $US0.15 compared to the $US0.16 expected.

Netflix is up 37.66% this year, including Monday’s move.

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