An ongoing investment in original shows appears to be paying off for Netflix. In its third-quarter earnings report today, the company beat expectations with both revenue and new subscribers: 3.57 million new people signed up for Netflix last quarter (the company had projected a 2.3 million boost). It also broke the $2 billion revenue mark for the first time, raking in $2.2 billion during the third quarter. The news sent the company’s stock soaring 19% in after-hours trading.
Netflix executives credited the success of shows like Stranger Things and Narcos with lifting these numbers higher than expected. The company says it plans to launch 1,000 hours worth of original video content in 2017, up from 600 hours this year. JPT