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Netflix soars to a record high after crushing subscriber growth targets
(Markets Insider)
Netflix is trading at a record high on Thursday morning, up 6.6%, at $141.68 a share after crushing its subscriber growth targets.
The company beat Q4 subscriber growth numbers on Wednesday, in the US and internationally, ahead of both Wall Street expectations and its own guidance.
Netflix also beat on EPS and revenue, which was up 36% year-over-year. The stock popped more than 8% on the news.
The company signaled that profit margins would tick up in 2017, but the company warned that it intended to continue spending aggressively - to the tune of a staggering $6 billion on content.
With regards to content, Netflix said it will continue to invest in local content, "focusing on local content that travels pan-regionally or across multiple territories, such as Japanese anime and Turkish dramas." It also emphasized the success of "3%," the Brazilian sci-fi series which it said "millions" of members watched subtitled in English.
Deutsche Bank's Bryan Kraft said the increased international demand was "catalyzed by original content (e.g. Luke Cage – Sept. 30 release, The Crown, Gilmore Girls, and Fuller House)."
Netflix recently won a Golden Globe for a top show category, when its royal drama "The Crown" picked up a best drama series award and Claire Foy, who plays The Queen, won best actress.
The one place Netflix fell short was in Q1 guidance for domestic subscriber growth, where it missed Wall Street's expectations.
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