Netflix Shares Jump 20% on Record Number of Subscribers

Netflix’s shares have soared after the video streaming company posted a record number of subscribers that beat estimates.

The company added 3.2 million international customers in the last three months, far more than the 2 million analysts had predicted.

In the US, the number rose 21% to 370,000 as hit shows such as Stranger Things and Narcos won over more subscribers.

The move helped Netflix’s quarterly revenues rise 31% to $2.29 billion, sparking a 20% jump in the company’s share price.

In Q3 of 2016, Netflix had about 83.3 million subscribers.

Netflix said on October 17 that it plans to license content to existing online service providers in China rather than operate its own service in China in the near term.

The video streaming service has been expanding in international markets to counter slowing growth in the US. It has a strong presence in more than 130 markets worldwide, except China.

Concern that Netflix’s growth was slowing had overshadowed the company. Its shares had fallen about 13% this year.

In after-hours trading on Wall Street Netflix’s shares jumped 20% to about $119.