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Netflix is now worth more than Comcast

Netflix’s market value increased to about $150 billion today.

Netflix CEO Reed Hastings
Netflix CEO Reed Hastings
Ernesto S. Ruscio/Getty Images for Netflix
Rani Molla is a senior correspondent at Vox and has been focusing her reporting on the future of work. She has covered business and technology for more than a decade — often in charts — including at Bloomberg and the Wall Street Journal.

Netflix’s market value increased to about $150 billion today; it is now worth more than Comcast.

Comcast, the largest U.S. cable company, has been losing video subscribers as people cut the cord and move to streaming services ... such as Netflix. Comcast had 22.3 million pay TV subscribers in the first quarter of 2018, down from 22.6 million a year earlier.

Meanwhile, Netflix has been gaining streaming users, adding more than seven million subscribers in the first quarter.

Of course, Comcast and Netflix have completely different businesses. Comcast owns a sizable broadband company in addition to cable. It also owns NBC and Dreamworks. It’s also planning on bidding on Fox’s movie and TV studios, cable networks and even a stake in Netflix competitor Hulu.

And most of Netflix’s growth is coming from its international expansion.

But the symbolism is hard to resist.

This article originally appeared on Recode.net.

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