Netflix hits all-time high after crushing earnings

Netflix took off after announcing better than expected earnings for the second quarter.

The company added 5.2 million total streaming subscribers, which was much higher than the 3.2 million expected by Wall Street. It also beat Wall Street's guidance numbers for the third quarter, saying it expects 4.4 million new subscribers compared to the 3.99 million expected, according to data from Bloomberg.

The news sent shares of Netflix rocketing higher. Shares were up 8.36% higher, and are trading at an all-time high of $175.18 in after-market trading. The company's previous intraday high was $166.87 on June 30 of this year.

RELATED: Check out the top companies of 2017, according to Fast Company:

16 PHOTOS
Fast Company's 2017 top companies
See Gallery
Fast Company's 2017 top companies
20. Illumination Entertainment -- For creating a monster out of a Minion

[Illustration: Ollanski]

To see the full list of the World's 50 Most Innovative Companies of 2017, visit Fast Company.

18. Buzzfeed -- For feeding a viral fever

[Illustration: Alexis Facca]

17. Airbnb -- For putting a world of experiences at our fingertips

[Photo: courtesy of Airbnb]

16-11. Dalian Wanda, Huawei, Electronics, BBK, Xiaomi, Tencent, Alibaba -- For ramping up the pace for the world

[Illustrations: Edel Rodriguez]

09. Chobani -- For stirring it up in the grocery store

[Photo: Jason Alden, Bloomberg via Getty Images]

08. Twilio -- For giving apps a voice

[Illustration: Jamie Cullen]

07. Netflix -- For making surfing fun again

[Illustration: Matt Rota]

06. Facebook -- “It’s creativity with technology,” says Facebook’s Sheryl Sandberg of the company’s efforts to develop ad products that drive sales

[Photo: Mark Mahaney]

04. Apple -- For baking in its advantages

[Illustration: Travis Coburn]

03. Uber -- For accelerating autonomous driving

[Illustration: courtesy of Uber]

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

Subscriber growth is one of the most important numbers for the company, as it doesn't have advertisements on its platform. The company brought in $2.78 billion in revenue, compared to the $2.76 expected, on the back of the subscriber growth.

STOCK PRICE FOR NFLX

Full price information

The company missed slightly on earnings per share, bringing in $0.15 compared to the $0.16 expected.

Netflix is up 37.66% this year, including Monday's move.

Click here to read more about Netflix's stock price...

NOW WATCH: Wells Fargo Funds equity chief: Companies were being rendered obsolete long before Amazon emerged

More from Business Insider:
Traders are loading up on bets against Netflix ahead of earnings
6 details you might have missed in the 'Game of Thrones' season 7 premiere episode
Trump's lawyer let something slip about the Russia meeting that raises questions about whether Trump attended

SEE ALSO: Netflix is moving higher ahead of earnings

Read Full Story

Markets

NASDAQ 6,629.05 23.99 0.36%
S&P 500 2,575.21 13.11 0.51%
DJIA 23,328.63 165.59 0.71%
NIKKEI 225 21,457.64 9.12 0.04%
HANG SENG 28,487.24 328.15 1.17%
DAX 12,991.28 1.18 0.01%
USD (per EUR) 1.18 -0.01 -0.53%
USD (per CHF) 0.98 0.00 0.02%
JPY (per USD) 113.49 0.83 0.73%
GBP (per USD) 1.32 0.00 0.32%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.