Netflix Blows Away Expectations With Q2 Subscriber Growth

08/31/2017 04:20 pm EDT

Netflix is continuing to grow at incredible rates, and its latest quarterly report proves that.

In the second quarter of 2017, the streaming giant added 5.2 million subscribers, according to Variety. That breaks down to 1.07 million U.S. subscribers and 4.14 million international subscribers.

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This is especially good news for the company, as they were aiming to add a lesser number of streaming customers, 3.2 million. They nearly doubled their goals of 600,000 U.S. subscribers and 2.6 million elsewhere in the world.

"In Q2, we underestimated the popularity of our strong slate of content which led to higher-than-expected acquisition across all major territories," Netflix execs wrote in their Q2 letter to shareholders.

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This gain caused their stock price to rise 10 percent, leaving it at $178 per share.

This subscriber surge comes despite high-profile cancellations of several series, such as Sense8, The Get Down and Girlboss. The company touched on those cancellations while emphasizing the enthusiasm behind 13 Reasons Why, Stranger Things and Cable Girls.

"As much as we dislike ending a series early, it consoles us that it frees up investment for another new show, or two," Netflix execs said. "We are programming to please our members and we keep that as our guiding light."

Netflix isn't slowing down any time soon. They're projecting to gain 750,000 U.S. subscribers in the next quarter, along with 3.65 million international subs. Those numbers are just over industry predictions, but with Q2 gains crushing expectations, those numbers seem likely to be reached.

All this news comes with a continued promise to keep producing more original content.

"With our content strategy paying off in strong member, revenue and profit growth, we think it's wise to continue to invest," the execs said.

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