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Netflix shares surged on July 17 after the company announced it now had about 104 million subscribers, a larger-than-expected number that boosted revenues.

According to the company’s bosses, the gains were a sign that investment in new shows and movies was paying off as online television becomes more popular.

Netflix is behind shows such as 13 Reasons Why, about teen suicide, and political drama House of Cards.

The company CEO and co-founder Reed Hastings said it was “the rewards of doing great content”.

Netflix Shares Jump 20% on Record Number of Subscribers

Netflix shares rose more than 10% in after-hours trading following the announcement of its second-quarter earnings.

It said it added about 5.2 million members during the quarter, mostly from overseas.

International members now account for about half of Netflix subscribers.

Netflix Goes Live in Nearly Every Country in the World

Netflix has cultivated those audiences with movies such as Okja, a movie made by one of South Korea’s top directors about a young girl’s quest to recover a giant companion from a multi-national corporation.

The company also said it expected international members to help boost profits for the year – a first for that part of the business.

The growth helped Netflix to report a 32% rise in second quarter revenues to $2.8 billion, and it expects revenues to reach nearly $3 billion in the third quarter.

Netflix profits for the second quarter of 2017 were $65.6 million, up about 60% year-on-year.

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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.Netflix at CES 2016

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.

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