Netflix stock soared more than 10% this afternoon after the company reported quarterly earnings and subscriber growth that easily topped analysts' expectations. All in all, the streaming giant took in a record $2.97 billion in revenue, up 32% over last year, while adding 5.2 million new subscribers — well above its own forecasts of 3.2 million new subscribers.
The figures include 1.1 million new U.S. subscribers, which is more than it has added in any quarter in the last six years, as well as 4.1 million international subscribers. The company says that its international segment now accounts for around half of its total membership base, and that it expects “positive international contribution profit for the full year 2017.”
Netflix attributed the strong quarter to its "strong slate of content.” A shift in the release of the fifth season of "House of Cards" from the first quarter to the second probably did a little to bring in more subscribers this quarter, too. Overall the popular streaming service premiered 14 original series during the quarter, including the newest seasons of Orange is the New Black and Master of None, in a edition to several documentaries, comedy specials, movies and kids shows.
“The volume and breadth of our releases in Q2 exemplify our commitment to serve the desires of our diverse and growing audience,” the company wrote. “We premiered 14 new seasons of global Netflix original series, 13 original 2 comedy specials, 6 original documentaries, 2 original documentary series, 9 original feature films and 7 seasons of original series for kids.”
The company continues to invest heavily in original content in the face of mounting competition from Amazon, Hulu, HBO and others in the digital streaming space.
Notably, in a sign of the shift in how today’s consumers are watching TV, streaming services are topping the list of this year’s Emmy nominations. HBO, which is available over-the-top via HBO Now, has a total of 110 nominations, while Netflix is close behind with a total of 91 nominations.