Netflix hits record after subscribers leap past 200 million

Netflix Inc. ended its biggest year in company history with a bang, powering its stock to a record high after adding more customers than expected and saying it no longer needs to borrow money to build its entertainment empire.

The world’s leading paid streaming service attracted 8.51 million new subscribers in the final three months of the year, helped by the popularity of hit shows such as “Bridgerton” and “The Queen’s Gambit.” That outpaced Netflix’s own forecast and the 6.06 million projected by Wall Street, and its shares rose 15% — the most since October 2016 — in Wednesday trading.

The earnings report after Tuesday’s close included two key milestones for Netflix: The company passed the 200 million-subscriber mark for the first time and said its cash flow will allow it to stop relying on debt to fuel its growth. With $8.2 billion in cash — and a credit line that hasn’t been drawn down — Netflix said it no longer needs external financing. It’s also considering stock buybacks, something it hasn’t done in about a decade.