Netflix Is on a High as Millions Join the Streaming Service

Netflix shares get boost from subscriber numbers.

Author:: Edward Hardy
Publish date:: Jul 18, 2017 8:52 AM EDT

Netflix Inc. (NFLX) - Get Report shares are set to open at an all-time high Tuesday after reporting better-than-expected subscriber additions after the close Monday that sent the stocks soaring in after-hours trading.

Netflix shares were up 10.80% in premarket, compared with a 10.7% gain in after-hours trading Monday, and shares are expected to open at a record $179.17, extending their year-to-date gain past 31%.

Netflix reported Q2 revenue of $2.79 billion (up 32% annually) and GAAP EPS of $0.15. Revenue was slightly above a $2.76 billion consensus; EPS slightly missed a $0.16 consensus due to heavy spending, but was in-line with guidance.

Netflix reported 1.07 million U.S. streaming subscriber net adds and 4.14 million international net adds, respectively blowing away guidance for 600,000 and 2.6 million net adds. With U.S. subs standing at 51.92 million and international subs at 52 million at quarter's end, a majority of Netflix's streaming users reside outside the U.S. for the first time.

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