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Netflix added more than five million new subscribers last quarter, and Wall Street is happy

For the first time, it has more international subscribers than domestic subscribers.

The New Yorker TechFest 2016
Netflix CEO Reed Hastings
Craig Barritt/Getty Images for The New Yorker

Netflix added 5.2 million new subscribers last quarter, well above its own estimates and those of Wall Street analysts.

Netflix, reporting second-quarter results today (pdf), says it added 1.07 million new subscribers in the U.S., its highest Q2 jump since 2011. The bulk of its new subscribers are international, with roughly 4.1 million new subs coming from outside the U.S.

Those numbers handily beat expectations. Netflix told investors last quarter that it would add 600,000 new subs in the U.S. in Q2 and 2.6 million new subs from outside the U.S. Wall Street was looking for 631,000 U.S. subscriber additions and 2.6 million new subs outside the U.S.

Netflix also reported profits of 15 cents per share on revenue of $2.79 billion for the quarter, virtually in line with Wall Street’s estimates.

Its stock jumped as much as 8 percent on the impressive subscriber growth.

Netflix now has a bigger international base of users than domestic, marking a tipping point for the streaming service. Netflix has nearly 104 million total subscribers, with 51.9 million domestic subs and 52 million international subs.

Netflix says it hopes to add 750,000 new U.S. subscribers and 3.65 million international subs in Q3.

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