Netflix stock soars after netting more customers

Netflix signed up 6.96 million customers in the third quarter, boosting its global total to 137.1 million.
Netflix signed up 6.96 million customers in the third quarter, boosting its global total to 137.1 million.PHOTO: AFP

NEW YORK (Bloomberg) - Netflix is stealing the show again, growing faster than even its most bullish fans on Wall Street predicted and sending its already-stratospheric stock higher.

After a stumble with its previous results, the world's largest paid online TV network added far more subscribers than analysts expected in the third quarter.

It signed up 6.96 million customers in the third quarter, boosting its global total to 137.1 million.

Netflix also issued an upbeat outlook for the current three months, saying it plans to add 28.9 million customers in total this year.

The results should give it leeway to spend billions of dollars more on original programming. It released a record 676 hours' worth in the third quarter.

International territories remain the key to the future, accounting for 84 per cent of new customers in the third quarter.