Netflix soars on international expansion

A record number of subscribers switched on to Netflix in the past three months, sending the video-on-demand company’s shares soaring.

The stock jumped 11% to more than $179 a share in after-hours trading after the company said it had reached 104 million subscribers in the second quarter.

New subs hit 5.2 million during the 13 weeks to June 25. Netflix has been expanding aggressively internationally and expects its overseas business to become profitable for the first time this year.

The company, which has won over many new customers with original shows, also received 91 Emmy nominations last week.

It was nominated five times in the best series award, including a nomination for The Crown, its critically acclaimed drama about the queen.

In a letter to shareholders, Netflix said it was seeing intense competition from an increasing number of TV-streaming rivals.

However, it predicted there would be room for many internet TV services as viewers increasingly switch off from traditional TV.

“The internet may not have been great for the music business due to piracy, but, wow, it is incredible for growing the video entertainment business,” Netflix said.