Futures tied to the technology-heavy Nasdaq-100 climbed Wednesday after Netflix reported its subscriber count reached a new record in the fourth quarter.
Nasdaq 100 futures rose 0.6%, while S&P 500 futures gained 0.4%. Dow Jones Industrial Average futures advanced 87 points, or 0.2%.
Netflix shares surged 10% in premarket trading. The leg up came after the streaming company said it added more than 13 million subscribers in the fourth quarter, bringing its total subscriber count to an all-time high of 260.8 million. Revenue topped analysts’ estimates, as did current-quarter earnings guidance.
Netflix’s subscriber increase “indicates the ongoing strength in the scaling of the ad-tier business, particularly scaling up at the end of last year, and also the momentum the company’s building and its crackdown on password sharing,” Jamie Lumley, senior analyst at Third Bridge Group, said on “Closing Bell: Overtime” on Tuesday.