Entertainment company Netflix Inc. finished the trading day on Wednesday with a market capitalization of $152.8 billion, leaving behind telecommunications giant Comcast Corp., whose value totaled $147.1 billion at the same time. This sets a new record in share price for Netflix, which rose 3.95% at the closing bell, amounting to $344.72 per share.
The subscription-based entertainment service is gaining popularity due to its proprietary content, including series, movies and comedy performances. Most recently, former United States President Barack Obama and his wife Michelle signed a multi-year production deal with the tech giant, which includes producing “films and series for Netflix, potentially including scripted series, unscripted series, docu-series, documentaries, and features.”
Netflix’s continued growth brought the company on par with entertainment conglomerate The Walt Disney Co., whose market capitalization amounted to $153.36 billion at the end of the trading day.
In after-hours trading, Netflix’s shares slid 0.11%.