Netflix can’t be stopped: the video giant posted a net income of $290bn during its first quarter, up from $178bn the year prior.
The streaming service added 7.41 million new subscribers in its first quarter, a 50% gain over the year prior, beating the company’s forecast of 6.35 million. Last year, Netflix added 4.95 million new subscribers during its first quarter.
Internationally, Netflix added 5.46 million subscribers, while in the US it gained 1.96 million. Both numbers beat Wall Street expectations. The company estimates it will add 6.20 million subscribers during its second quarter.
The company posted a first-quarter revenue of $3.7bn, up from $2.6bn year-over-year. Netflix’s stock jumped more than 6% in after-hours trading on Monday.
In January, the company’s fourth-quarter earnings pushed its market capitalization past $1bn for the first time. Netflix added that 8.3 million new subscribers during its fourth quarter, the highest in its 20-year history. Its impressive quarter came just three months after it raised prices for subscribers in the US, its largest market.