Some have begun to question, however, whether Netflix's business model is as durable as the share price action suggests, given the huge investments the company has begun to make in its own content, and burgeoning competition.
In the US, where Netflix can already claim nearly half of households as users, the company expects to add 1.8 million new customers this quarter, bringing the domestic total to 60.3 million.
The company exceeded forecasts in both US and worldwide markets but the bulk of the new subscribers came from outside the United States, where the company has been investing aggressively. Netflix, which expects to add another 9.4 million subscribers by the end of 2018, said its customer tally is 137.1 million.
"(Netflix) shies away from talking about any one global market too specifically, but it called out growth in Asia, and we believe India is becoming a bigger factor", said JPMorgan analyst Doug Anmuth.
The growth was stronger than expected, prompting the firm's shares to jump more than 10% in after-hours trade. During that quarter, Netflix had a dearth of new programming that resonated with viewers the way hits like House of Cards and Stranger Things had done in the past.
Netflix's net income rose to $402.8 million, or 89 cents per share, in the third quarter ended September 30, up from $129.6 million, or 29 cents per share, a year earlier. The company also forecast growth of 650 000 domestic subscribers and 4.35 million internationally. Said eMarketer media analyst Paul Verna.
Analysts keep setting the ceiling and Netflix keeps crashing through it.
Netflix expects to burn through more than $3 billion in cash this year and in 2019.
That's because at its current voracious pace of spending on original content such as House of Cards, Netflix is running the risk of ballooning debt and surging interest payments that could surprisingly hammer the bottom line.
That helped lift profit more than threefold to 89 cents a share, beating the 68-cent average of analysts' estimates. And even U.S. growth supposedly remains strong, despite fears of a stagnating market. More than 80 million Netflix accounts watched at least one of those films, like To All the Boys I've Loved Before, Netflix said. "That's a really good number for a market that's this mature".
So what do you think of Netflix plans to spend $8 billion on new content? "We're just going to focus on that for a very long time".