Netflix Stock Hits New Heights After Spectacular Earnings Report

deadline.com:

Netflix stock flirted with the $1,000 mark Wednesday, hitting all-time highs in the wake of the company’s spectacular earnings report.

In detailing its fourth-quarter financials Tuesday, Netflix said it added a company-record 18.9 million subscribers during the period to reach 301.6 million worldwide.

It also exceeded forecasts for revenue and earnings per share. Investors piled into the stock on the news, sending shares up more than 10% to as high as $999 before they settled closer to $960.

It’s a dramatic turnaround from just two-and-a-half years ago, when shares slipped below $180 after the company reported subscriber declines and appeared to be vulnerable to new streaming competitors.