Netflix added more new subscribers than expected in the third quarter of this year.
Globally, the video streaming service added 5.3 million subscribers, compared to Wall Street’s estimation of 4.5 million, according to FactSet.
850,000 new subscribers came from the US, with 4.45 million from the rest of the world.
Revenue rose by 30 per cent to $2.99bn add £ conversion while net income rose to $130m, compared to $52m this time last year.
The company said it will spend more towards producing and buying new content, adding between $7bn (£5.28bn) and $8bn towards next year’s content budget.
In a letter to shareholders, Netflix said: “As we move into 2018, we aim to achieve steady improvement in international profitability and a growing operating margin as our success in many large markets helps fund investments throughout Asia and the rest of the world”.
It added that competition from rivals Amazon Prime, as well established companies such as Walt Disney, which is deciding to launch its own video streaming service, puts pressure on Netflix.
“We have a good head start but our job is to improve Netflix as rapidly as possible,” the company said.
According to Reuters, Netflix are unlikely to make a bid for the Weinstein Company if the opportunity arose. Following the firing of Harvey Weinstein, the company is in talks to sell its assets.
Netflix shares reached a record high on Monday, according to Reuters. Shares are up by 64 per cent this year in total.
