Netflix adds more subscribers than expected

Netflix reported that for the third quarter its subscriber additions were well above its internal prediction, with worldwide growth of 6.96 million compared to the projected 5 million.

The company added 1.09 million total subs to its US base for a total of 58.46 million while adding 5.87 million internationally, extending that total to 78.64 million.

The surge came as Netflix premiered a record amount of original programming, including new seasons of Orange Is The New Black and BoJack Horseman. The company is projecting it will add 9.4 million net subscribers during the fourth quarter. It plans to spend as much as $8bn on content this year, with more than a quarter devoted to original programming.

"We're getting a little better on the forecasting," CEO Reed Hastings said after the earnings report. "I think by focusing going forward on paid [net adds] we'll be able to be a little more accurate and focus on the fundamentals."

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