Netflix soars on global expansion

Taking a Look at the Data Behind Netflix, Inc. (NFLX)

Taking a Look at the Data Behind Netflix, Inc. (NFLX)

Netflix shares are surging Tuesday as Wall Street proclaimed the company's utter dominance of the internet video streaming market after it crushed subscriber expectations.

Instinet analyst Anthony DiClemente raised his 12-month price target on Netflix Inc.to $175 from $165 ahead of the streamer's second-quarter earnings release after the bell on Monday.

Shares rose 10 percent to $179.20 in after-hours trading. However, the company remained optimistic they it would continue its momentum, forecasting revenue of $2.969 billion and a net addition of 4.4 million new subscribers.

As of June, Netflix has noted for the first time in its history a bigger number of subscribers internationally-52.03m in non-US markets against 51.92m users domestically.

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Last earnings report, Netflix said that it expected to add 3.2 million subscribers during the second quarter. In the latest earnings report, Netflix referred to the company's "strong slate of content" as the reason that acquisitions across various territories have outstripped expectations, and particularly mentioned the global first-party content.

Netflix added a whopping 5.2 million total subscribers, versus the company forecast of 3.2 million.

The company is continuing to see revenue gains as it add more subscribers.

As has been the case of late, the bulk of Netflix's subscriber growth came overseas (4.14 million new subscribers), while the company's domestic subscriber growth (1.07 million) was down 25% from the previous quarter, though up considerably from the same quarter past year.

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"The large-cap tech companies, especially Amazon, are investing heavily in original and licensed content around the world", Netflix said in its earnings release. And it turned a tidy profit, reporting $66 million in net income, up about 50 percent from the same period past year.

Last week, the Television Academy nominated 27 Netflix original programs with 91 Emmy nominations, almost double last year's tally.

"Just as we changed and reinvented the TV business by putting consumers first and making access to content more convenient, we believe internet TV can similarly reinvigorate the film business,"Chief Executive Reed Hastings and Chief Financial Officer David Wells said in a letter to shareholders".

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