July 17 (UPI) -- Netflix stock increased 11 percent to $179.45 Monday after the online streaming service told investors it added more than 5 million new subscribers during its second quarter.
In a letter to shareholders, Netflix said it exceeded subscriber expectations by 2 million during the second quarter of 2017 and that its international subscribers account for 50.1 percent. However, profits remained relatively small with a net income of $66 million, as the company plans to spend $6 billion on new content in 2017.