Netflix (NFLX, $272.38) shares jumped as much as 16% on Wednesday after the streaming giant's third-quarter earnings beat Wall Street's revenue and profit forecasts. The stock surge added about $17 billion to Netflix's market capitalization, lifting it to $124 billion. The streamer also reported the addition of 2.41 million net global subscribers, more than doubling the ads the company had projected a quarter ago.

The online-video service posted a 5.9% increase in revenue to $7.9 billion, but higher operating costs meant its net income shrunk by 3.5% to $1.4 billion. Analysts polled by Refinitiv had expected $7.8 billion and $959 million respectively. 

For Q4, Netflix expects to gain 4.5 million new streaming customers, compared with 8.3 million in the year-earlier quarter. Netflix Basic With Ads is slated to launch in the U.S. on Nov. 3 and is priced at $6.99 per month — three dollars less than the regular Basic plan.