Netflix subscriptions boom around the world

Los Angeles

NETFLIX Inc added over 50 per cent more subscribers than expected in the third quarter as original shows such as Stranger Things drew new international viewers and kept US customers despite a price hike, sending its shares soaring 20 per cent in late trade.

The company broke a two-quarter trend of disappointing subscription growth. Netflix, which has spent heavily to expand outside its home market, also said that it was on track to start harvesting "material global profits" next year, even as it raised spending on original programming.