Netflix shares soar as viewers hit 117m

StreAMING giant Netflix last night sent shares soaring with a record 8.3m boost in subscribers.

the US company smashed Wall Street expectations with its best ever results, revealing membership had risen 7.6pc to 117.6m in the fourth quarter of 2017. revenue rose to £2.4bn, up from £1.8bn the previous year.

It took full-year sales to £7.9bn and the total number of subscribers added to 24m – almost 66,000 a day.

‘We had a beautiful fourth quarter, completing a great year as internet tV expands globally,’ the company said.

Shares in the firm were up 9pc in after-hours trading as investors rallied behind the bumper results. In the past year, the stock has surged 60pc.

the growth was boosted by several mega-hits, including the second series of the Crown, Stranger things, Ozark, Mindhunter and House of Cards.

the firm is set to plough even more cash into its original content, with bosses saying they could spend as much as £ 5.7bn. Netflix said it expected to add another 6.4m subscribers in the first quarter of 2018.

the news was a welcome boost for executives as Netflix is preparing for battle with entertainment juggernaut disney, which recently announced a merger with 21st Century Fox. the deal gives the company a majority stake in rival video streaming service Hulu, putting them in direct competition.

disney has said it wants a bigger slice of the income from streaming, with the firm set to pull its content from Netflix in 2019.

Bob Iger, disney’s chief executive, said in december: ‘Owning a third of Hulu was great but having control will allow us to greatly accelerate into that space and become an even greater competitor to those already out there.’

Speculation has also been rife that iPhone maker Apple could swoop on Netflix, pushing up shares higher in recent weeks. the tech giant is set to bring most of its £179bn foreign cash pile back to the US, with some suggesting it could go on a shopping spree.

Apple has been buying up television shows for its own video offering but is seen as lagging behind rival tech giants such as Amazon.

Acquiring Netflix could jump start its streaming business, analysts said.