SAN FRANCISCO – Netflix stock is on its way to its biggest one-day gain since the video subscription service went public more than a decade ago.
The stock had climbed $38.40, or 37 percent, to $141.66 in early afternoon trading Thursday as investors celebrated a fourth-quarter earnings report that Netflix Inc. released late Wednesday. Earlier in the session, the shares hit a new 52-week high of $149.17.
The results were highlighted by an influx of 2 million more U.S. subscribers to Netflix's Internet video service and an unexpected profit during the final three months of the year.
Netflix ended December with 27.1 million U.S. subscribers to its service that streams movies and TV shows over high-speed Internet connections. The company, based in Los Gatos, Calif., is aiming to reach 90 million subscribers.