(Bloomberg) —Netflix Inc. signed up a record 7.05 million new customers in the fourth quarter, topping analysts’ estimates for domestic and international growth to cap the company’s first year as a global online TV service.

The company added 5.12 million new customers in international markets, according to a statement Wednesday, beating analysts’ estimates of 3.78 million. Los Gatos, California-based Netflix also signed 1.93 million new domestic customers, exceeding projections of 1.38 million. The shares jumped to an all-time high in late trading.

The popularity of the period drama “The Crown,” about a young Queen Elizabeth II, and new seasons of “Gilmore Girls” and “Black Mirror” helped Netflix lift its total online customer base to almost 94 million. Since expanding to 130 new countries last January, Netflix has delivered strong international gains and could see foreign subscribers exceed its U.S. base this year.

“A second solid quarter in a row should give bulls some ammunition that international markets can be the next leg of growth to the Netflix story,” Paul Sweeney, a Bloomberg Intelligence analyst, said in an e-mail. “Given its ever-growing programming budget, the company will need the cash flow that these additional subscribers can provide.”

Fourth-quarter sales rose 36 percent to $2.47 billion from a year earlier, meeting the average of estimates compiled by Bloomberg. Earnings grew to 15 cents a share from 10 cents a year ago, beating estimates of 13 cents. Netflix predicts it will sign 1.5 million new domestic streaming subscribers in the first quarter, while analysts project 1.72 million. International subscribers will grow by 3.7 million, the company said, compared with analysts’ estimates of 3.5 million.First-quarter earnings will be $165 million, or 37 cents a share, an early sign that Chief Executive Officer Reed Hastings will deliver on his promise of material profit in 2017.

The world’s largest paid video service bet its future on globally replicating its success in the U.S., where it has almost 50 million customers, sacrificing near-term profit while spending heavily on programming and marketing to build a global TV audience. The company is forecasting a 7 percent operating margin for the full year, including profit from outside the U.S.

“Since our global expansion is proceeding well, we intend to grow our global operating margin for many years ahead,” the company said in a letter to shareholders.

Hastings still has a long way to go in matching its U.S. performance worldwide. While Netflix has signed up almost half of the available market at home, it hasn’t reached that percentage of broadband households in even its strongest foreign territories, such as the U.K. and Canada.

Shares of Netflix gained as much as 9.6 percent to an all-time high of $146 following the announcement. The stock closed up 0.3 percent to $133.25 in New York after rising 8.2 percent in 2016.

Who’s Watching

Netflix tends to credit strong performance to new seasons of original shows. Notable debuts in the period included “The Crown,” a reboot of “Gilmore Girls” and the company’s first original Brazilian series, “3%.” “Gilmore Girls,” a reboot of a show that aired on TV from 2000 to 2007, was one of the 10 most popular shows in every market, Netflix said.

How many people watch any given Netflix show remains a mystery since the company doesn’t offer concrete data. However, it does call out particular successes, like a new season of the sci-fi “Black Mirror.” Netflix programs accounted for five of the 10 most-searched TV shows of 2016, based on Google trend data, the company said.

Netflix’s growth has given the company new confidence regarding one of its biggest concerns: unfettered access to internet.

Hastings has been one of the loudest advocates for net neutrality, the idea that internet providers treat all online data and traffic equally. President elect Donald Trump has suggested he might undo net neutrality. While Netflix still argues it’s needed to foster innovation, the company says it’s entrenched enough to not feel threatened.

“Weakening of U.S. net neutrality laws, should that occur, is unlikely to materially affect our domestic margins or service quality because we are now popular enough with consumers to keep our relationships with” internet service providers stable, the company said in the letter.

The company forecasts negative free cash flow of $2 billion in 2017, wider than the year just ended, as it continues to spend on new programming.

The company is financing its spending with borrowing and expects to be a regular issuer of debt. Netflix said its long-term budget for programming totaled $14.5 billion at the end of year.

To contact the reporter on this story: Lucas Shaw in Los Angeles at lshaw31@bloomberg.net To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net Rob Golum, Mark Schoifet