LOS GATOS, CA (CelebrityAccess) — Netflix joined the $100 billion dollar market cap club when their latest rosy financial filing helped push the company’s stock price into record market cap highs on Monday.
Netflix came in slightly above Wall Street expectations, reporting revenue of $3.29 billion for the quarter, with a 35% growth in their streaming segment.
Subscribers jumped for the company in Q4, with Netflix reporting 8.3 million new paying users for the quarter, up by 18% when measured again last year’s record of 7.05 million.
In the US, new memberships rose by 2.0 million (vs. forecast of 1.25m) bringing total FY17 net adds to 5.3 million, while internationally, Netflix added 6.36 million memberships which broke a record for the company this quarter.
“We believe our big investments in content are paying off. In 2017, average streaming hours per membership grew by 9% year-over-year. With greater than expected member growth (resulting in more revenue), we now plan to spend $7.5-$8.0 billion on content on a P&L basis in 2018,” Netflix Chief Financial Officer David Wells wrote in the financial filing.