Tech

Netflix Stock Is Soaring

The world’s biggest subscription streaming service added 4.33 million new members in the three months that ended in December.
Reed Hastings, chairman, president and chief executive officer of Netflix Inc., smiles during a Broadcasting Board of Governors (BBG) panel discussion in Washington, D.C., U.S., on Wednesday, Dec. 18, 2013. Technology company executives including Hastings left a meeting with President Barack Obama yesterday with no commitment to limit government snooping on Internet traffic, according to an industry official briefed on the session. Photographer: Andrew Harrer/Bloomberg via Getty Images
Reed Hastings, chairman, president and chief executive officer of Netflix Inc., smiles during a Broadcasting Board of Governors (BBG) panel discussion in Washington, D.C., U.S., on Wednesday, Dec. 18, 2013. Technology company executives including Hastings left a meeting with President Barack Obama yesterday with no commitment to limit government snooping on Internet traffic, according to an industry official briefed on the session. Photographer: Andrew Harrer/Bloomberg via Getty Images

Shares of Netflix surged more than 13 percent in after-hours trading on Tuesday, after the company reported subscriber growth that topped its own forecasts.

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The world’s biggest subscription streaming service added 4.33 million new members in the three months that ended in December. Netflix had forecast it would add 4 million members in the quarter.

Netflix’s quarter, which the company said set a record for subscriber growth, comes after a volatile few months for the company’s stock. Shares of Netflix fell 19 percent on one day in October after the company reported slower-than-expected subscriber growth.

Netflix added 1.9 million members in the U.S. and 2.43 million members outside of the U.S., bringing total membership to 57.4 million. The service has been expanding aggressively overseas in recent years, and is now available in nearly 50 countries. It’s expected to launch in Australia and New Zealand later this quarter.