A laptop computer screen displaying the Netflix homepage stands against an illuminated screen bearing the company logo in this arranged photograph in London, U.K. (Photographer: Chris Ratcliffe/BloombergDirect Download)

Netflix Bears Take a $687 Million Beating in Post-Earnings Surge

(Bloomberg) -- It’s a tough day to be a Netflix bear.

Short-sellers lost $687 million as the shares surged 12 percent after the world’s largest paid online TV network post-market earnings report showed it added 7 million new customers in the third quarter, above its own and analysts’ forecasts. The stock’s 80 percent rally this year has stripped $3.63 billion from short-sellers’ accounts, Ihor Dusaniwsky, managing director at financial analytics firm S3 Partners, said in a tweet.

The stock, the fourth-best performer in the S&P 500 Index this year as of Tuesday’s close, will displace network security solutions provider Fortinet as the third-biggest gainer if it opens Wednesday at the level where it’s currently trading.

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