Netflix Hits $100 Billion Market Capitalization

Netflix hit $100 billion of market capitalization after the company snagged an additional 2 million subscribers.

The streaming giant has now 2 million more subscribers than Wall Street expected in the final three months of 2017, tripling profits at the online video service that is burning money on new programming to dominate internet television around the world.

The results led Netflix to a market capitalization of more than $100 billion for the first time.

The company has signed up more than half of all U.S. broadband households and is building its customer base in 190 countries by spending billions on programming.

Netflix picked up 6.36 million subscribers in international markets from October through December, when it released new seasons of critically acclaimed shows "Stranger Things" and "The Crown" as well as Will Smith-starred action movie "Bright." that topped Wall Street expectations as well of 5.1 million.

Along with 1.98 million customer additions in the United States, the company ended the year with 117.58 million streaming subscribers around the globe, despite a price hike in October.

From a DVD-by-mail business into a online streaming business and competitor of move channel HBO, Netflix started licensing its own original shows to confirm a stream of new offerings if studio suppliers ended deals.

Netflix plans to spend up to $8 billion this year on TV shows and movies to fend off Disney, Amazon.com Inc, studios-owned Hulu and local competitors that are jumping into online video, and it is turning more and more to high-budget projects, such as the roughly $90 million "Bright."

In 2017, Netflix has recorded its first full-year profit in international markets. The company has said it is aiming for steady improvements in profitability abroad this year.

"We believe our big investments in content are paying off," Netflix said in a quarterly letter to shareholders.

Last October, Netflix raised prices for two of its three main subscription plans to help support the substantial content investment. The earnings report showed customers took it in pace.

"Consumers are tolerant as long as something's improving," Netflix CEO Reed Hastings, on a post-earnings webcast, said of the price increase.

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