SAN FRANCISCO (AFP) - Netflix on Monday reported that its number of subscribers climbed more than expected, topping 100 million worldwide and sending shares in the on-demand television service soaring.
It added 5.2 million subscribers in the recently ended quarter to raise the total to 103.95 million. Most of the growth came from outside the US, where it has invested heavily.
It ended the quarter with slightly more than half of subscriptions from outside the US, a first for the company.
"We underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories," Netflix said.
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It told investors that it was determined to balance boldness and financial discipline.
It has cut shows that were not attracting sufficient numbers of viewers.
It will release 40 feature productions this year, from "big-budget popcorn films to grassroots independent cinema".