Netflix shares up 8% after better-than-expected balance sheet

ISTANBUL

US-based Netflix's shares rose by around 8% on the New York Stock Exchange after its balance sheet showed subscriber losses better than expectations.

The balance sheet on Tuesday showed that the platform lost around 970,000 subscribers in April-June, but expectations were for around 2 million.

The firm's income rose 8.6% to $7.9 billion during the second quarter versus the same quarter last year, while its net profits soared 6.5% to $1.4 billion over the same period.

The platform's shares, which were around $175 over the last week, closed Tuesday at $189 and continued to soar to around $217.5 during after-hours trading.

The platform’s share price, which last year saw the $680 level, one year ago was around $530.

After its first quarter results showed a loss of 200,000 subscribers, its shares fell significantly from the $350 level to under $200 as of mid-April.