Streaming video pioneer Netflix picked up 5.1 million subscribers in the third quarter, topping Wall Street estimates by more than 1 million users, the company said in its earnings report on Thursday.

Key Takeaways The S&P 500 added 0.4% on Friday, Oct. 18, wrapping up a week of trading that included an initial wave of quarterly earnings releases from major companies.Netflix shares surged after the streaming giant reported better-than-expected third-quarter sales,

Revenue and operating margins continued to improve in the third quarter as subscriber growth slowed, a sign of the company’s success in pivoting toward prioritizing profitability over growth.