Netflix Subscriber Base Swelling

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Netflix on Tuesday topped subscriber growth expectations in the past quarter, keeping ahead of new streaming rivals competing for viewers stuck in their homes during the coronavirus pandemic.

The streaming television leader added some 8.5 million paid subscribers in the quarter to reach 203 million, topping 200 million despite recent price hikes, its quarterly earning update showed.

According to a letter to investors, the company’s cash flow was so strong that it will no longer borrow money to pay for operations, and is considering starting to buy back shares.

Netflix shares jumped more than 12 per cent in after-market trades following the release.