Financially speaking, Netflix has come to embody the title of one of its new hit shows: "Stranger Things." The video-streaming service blew past quarterly subscriber expectations, as it celebrated a decade of being online. After burning through still more cash, its share price soared to a new high. Apparently growth can come at almost any cost.
The $57 billion company led by Reed Hastings added 7.1 million new customers after many initially blanched at a price increase last year. Both in the United States and internationally, Netflix surpassed its own forecast, tallying nearly 94 million for the quarter ending Dec. 31.
It was 10 years ago that Hastings disrupted his own groundbreaking DVD mailing service by making the big bet that people would watch movies and TV shows using an internet connection instead. That first-mover advantage helped initiate the so-called cord-cutting and cord-never movements.