What’s Driving Netflix’s Record Stock Prices?

Oct 16, 2017  •  Post A Comment

Shares in Netflix hit a record high during the trading day Monday, with the surge driven by a rise in global subscriptions. Deadline reports that after the close of trading today the company reported a 49% increase in global subscribers over a year ago for the third quarter.

“The global tally now stands at 104 million,” Deadline reports. “In the quarter, Netflix added 850,000 new customers in the U.S., to hit 52.77 million overall, and internationally it signed up 4.45 million for a total of 56.48 million.”

The report notes that the company’s stock price rose 1.6% to hit a record high of $202.59, up $3.19, during today’s trading.

“For the quarter ended September 30, total revenue gained 30.3% to just shy of $3 billion and executives expressed confidence in surpassing $11 billion in revenue for the full year,” Deadline adds. “Net income for the quarter rose sharply over the year-ago period, hitting $130 million, or 29 cents a share, compared with $52 million, or 12 cents.”

In a letter to shareholders today, the company said: “We are growing nicely across the world. Internet entertainment is delighting consumers, and we are staying at the forefront of this once-in-a-generation opportunity.”

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