Netflix shares powered by strong customer growth
LOS ANGELES - Netflix (NFLX) shares surged in after-hours trading after the company said it added 2.3 million customers to its TV and movie streaming
service in the final three months of the year and posted higher earnings for the period.
Netflix on Wednesday reported net income of $48 million for the quarter, up from $8 million a year ago.
"Our domestic growth is very strong, much of which should be attributed to the tailwind of Internet video growth in
general," Netflix CEO Reed Hastings and Chief Financial Officer David
Wells said a letter to shareholders issued along with the company's
latest earnings.
Netflix shares rose more than 17 percent to $390.50 after the close of trade, topping the stock's all-time intraday trading high of $389.16 in October.
The company had previously forecast it would add between 1.6 million and 2.4 million new U.S. streaming customers, a closely watched barometer of the company's growth.
In international markets, Netflix added 1.7 million members. It ended 2013 with more than 44 million customers worldwide.