Netflix shares surge on big subscriber additions despite Hollywood strikes

FILE PHOTO: Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvic/File Photo

LOS ANGELES (Reuters) -Streaming pioneer Netflix showed resilience by gaining more quarterly subscribers than in the past three years despite strikes by Hollywood's writers and actors, sending its shares up 16.23% on Thursday.

Netflix capitalized on its heft in global production, as well as the economic hardships of its media rivals, to garner 247 million subscribers in the third quarter, a gain of nearly 9 million over the last three months.