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Netflix Hits Record After Subscribers Leap Past 200 Million
- ‘Bridgerton,’ ‘Queen’s Gambit’ helped service attract viewers
- Company no longer needs to borrow money to fuel expansion
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Netflix Inc. ended its biggest year in company history with a bang, powering its stock to intraday and closing highs after adding more customers than expected and saying it no longer needs to borrow money to build its entertainment empire.
The world’s leading paid streaming service attracted 8.51 million new subscribers in the final three months of the year, helped by the popularity of hit shows such as “Bridgerton” and “The Queen’s Gambit.” That outpaced Netflix’s own forecast and the 6.06 million projected by Wall Street. The company’s shares rose 17% -- the most since October 2016 -- to $586.34 in Wednesday trading.