Netflix shares reached new heights Monday after Qualcomm said it’s upgrading its chips in Android-powered devices so that Netflix can stream television shows and movies on the gadgets, the New York Post reports.

Netflix shares rose 7% to close at $247.55, after the shares had already risen 290% in the past year, the story points out.

Nielsen reported Monday that Netflix is in fifth place according to the number of monthly streams it provides to viewers, the story says. Another report, from Screen Digest, predicts that by 2013 revenue from online movie rentals will surpass online movie purchases for the first time, the report adds.