Netflix performed better than expectations during the second quarter of 2017, picking up over five million new subscribers and seeing one of the largest boosts to its stock prices. Those points were revealed in Netflix’s Q2 shareholder statement, which painted an optimistic picture for the rest of the year after earlier predictions had some investors worried. Netflix stock rose 9 percent to 15 cents a share, just one cent shy of most predictions. Still, that news is welcome in light of Netflix’s recent astronomical spending which saw the streaming giant spend $608.4 million in cash in Q2.
The Netflix stock boost means the company’s revenue now adds up to around $2.67 billion. That revenue is thanks to a 5.2 million net increase in new subscribers, 1.07 million of which live in the U.S. and 4.14 million are overseas. Those new international subscribers are largely the result of Netflix’s massive push for a greater worldwide presence lately which includes the opening of a new international support center and a successful campaign to ease restrictions on streaming content across borders in the EU.
In a note released to shareholders, Netflix CEO Reed Hastings writes that much of Netflix’s recent financial growth is due to the company’s bold vision as seen in its many groundbreaking original series:
We strive to be bold in our programming choices and financially disciplined, so we can keep being bold. Every show has passionate fans and committed talent striving for excellence. With our content strategy paying off in strong member, revenue and profit growth, we think it’s wise to continue to invest. In continued success, we will deploy increased capital in content, particularly in owned originals
The success of original series like Stranger Things, 13 Reasons Why, and House of Cards have attracted not only new subscribers and the stock market, but also the Academy of Television Arts & Sciences. Netflix picked up a total of 91 Emmy nominations this year, showing that Netflix is a force to be reckoned with critics and investors alike.