Investing.com -- Shares in Netflix Inc (NASDAQ:NFLX) skyrocketed more than 10% in after-hours trading after the popular American provider of on-demand internet streaming media saw its international subscriber base soar during the second quarter.
Boosted by strong growth figures abroad, Netflix reported earnings per share of 0.06 for the period slightly above analysts' expectations of per share earnings of 0.04. The company also earned revenues for the quarter of $1.64 billion, in line with analysts' forecasts.
During the company's second quarter, Netflix added 3.3 million net subscribers, including 2.4 million outside the U.S. The figures push the company's net subscriber base to 65.55 million, 23.25 million of which are from foreign countries.
As Netflix's customer base expands abroad, the company said it continues to add local TV programming in foreign countries to help grow its product.
"We’re pleased to see the growing momentum of our original programming driving strong growth in the US and abroad. With our first set of international markets having achieved contribution profitability, we’ll be making our first foray into Asia this fall with our Japan launch, and are gearing up to offer our service around the globe," Netflix CEO Reed Hastings and CFO David Wells wrote in a letter to investors.
Hastings appeared confident that his company's aggressive pricing model, experience and ability to add local content will help it flourish in Japan – where it will make its debut in Asia. Still, Hastings cautioned investors that it may take awhile for the streaming service to catch on in Japan due to the culture's deliberate brand adoption tendencies.
Netflix shares surged 10.60 or 10.80% in after-hours trading to 108.70. Earlier, shares in Netflix fell to a session-low of 97.05, one day after the company completed a 7-for-1 stock split.