Netflix shares soar past $600 on potential blockbuster expansion
Reports about Netflix’s potential expansion into China’s potentially huge streaming video market sent the company’s stock soaring to all-time highs Friday afternoon.
Shares of the popular streaming service gained about 5% and streaked past the $600-mark for the first time after a Bloomberg report citing anonymous sources said Netflix is looking to partner with Chinese companies as way to move into that country. Netflix is reportedly in talks with various companies holding content licenses in China, including Wasu Media Holding, which is partly owned by Alibaba Group (BABA) founder Jack Ma.
While Netflix (NFLX) has yet to confirm its plans, CEO Reed Hastings did say earlier this year that the company was still weighing its options in China.
With Friday’s share price increase, Netflix’s stock has now gained roughly $140, or 29%, since the company reported strong first-quarter earnings last month. Sales jumped 24% in that quarter as it added nearly 5 million new subscribers to reach two new milestones: more than 40 million U.S. streaming subscribers and another 20 million overseas.
International growth has been a cornerstone of Netflix’s recent strength with its customer base expanding faster overseas than in the U.S. over the past year. Netflix recently introduced its service in Australia and New Zealand and plans to launch in Japan and other countries later this year. Hastings has said his goal is to make Netflix available in 200 countries (it’s already in more than 50) by the end of next year.
For more about Netflix in China, watch this Fortune video: