Netflix shares gained 18% on Thursday after the company last night reported earnings that beat expectations.
At more than $115.75 per share, the stock was well above its previously split-adjusted record high.
On Wednesday, Netflix shares started trading at a new adjusted share price following a 7-for-1 stock split.
This year, Netflix shares have more than doubled and the company is the best performing stock in the S&P 500 by far, as the next-best performing S&P 500 member — Electronic Arts — has seen shares rise about 50%.
After the market close on Wednesday, Netflix reported earnings per share of $0.06, better than forecast, on revenue of $1.64 billion.
Netflix added 3.3 million subscribers in the second quarter.
The company also said it expects it will earn $0.07 per share in the third quarter and add 3.55 million subscribers.
Netflix did say that it expects to continue investing heavily in original content, and in a note to clients on Thursday, analysts at Bank of America Merrill Lynch said the company will spend about $5 billion on content in 2016.
In the second quarter, Netflix reported free cash flow of negative $229 million.
BAML added in its note, “The Netflix content engine is quickly becoming an overwhelming wall for competitors.”