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Netflix adds 7 million new subscribers

By Wenjing Yang

Shares of Netflix surged Thursday after the company said it added a record 7 million new subscribers in the fourth quarter, bringing the company’s total number of subscribers to 92 million, with nearly half of them outside the U.S.

The video-streaming giant far surpassed Wall Street expectations by signing up 5.1 million international subscribers and 1.9 million U.S. subscribers in the quarter, and dampened concerns that the company was spending too much on original productions.

“Successful series such as ‘House of Cards’ and ‘Orange Is the New Black’ have a halo effect” with audiences that helped Netflix acquire and retain subscribers, Morningstar Inc. analyst Neil Macker wrote in a research note.

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