Netflix has made short order of the second quarter.
The streaming service has bested growth forecasts, peaking at 104 million subscribers at the end of second quarter, up 5.2 million, which was two million more than analysts estimated, according to the Wall Street Journal. Netflix’s revenue also increased 32 percent to $2.79 billion.
That all means good things for Netflix’s investors, as the company’s shares have also risen 30 percent year-over-year. That’s in large part because of the streaming service’s mix of original and foreign programming—like Stranger Things, House of Cards, Unbreakable Kimmy Schmidt, and The Crown—all of which nabbed multiple Emmy nominations.
Netflix CEO Reed Hastings is quoted in the Journal‘s report, saying “When we produce an amazing show like Stranger Things, that’s a lot of capital upfront, and then you get a payout over many years….And seeing the positive returns on that for the business as a whole is what makes us comfortable that we should continue to invest.”
Netflix’s subscriber growth also means its doing a bang up job compared to competitive services like Amazon and Hulu—not to mention broadcast and cable networks on traditional TV, and rivals abroad.
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