Netflix shares soared 14% in premarket trading Wednesday after the streaming behemoth’s third-quarter earnings beat Wall Street's revenue and profit forecasts.

The streaming platform added 2.4 million subscribers globally, it said in its earnings report published after the market close Tuesday. That growth in its base comes after two straight quarters of plunges.

Netflix owes its success to the release of a plethora of popular shows in the period, including "Monster: The Jeffrey Dahmer Story" and the fourth season of "Stranger Things."

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

Netflix's quarterly subscriber growth came in more than double its forecast of 1 million after it lost 1.2 million members in the first six months of 2022. The streaming giant ended the period with 223 million subscribers and guided towards another 4.5 million subscriber additions this quarter.

"Thank God we're done with shrinking quarters," co-CEO Reed Hastings said during Netflix's earnings call on Tuesday.

The return to growth signals Netflix could be holding its own against Disney Plus, Apple TV, HBO Max, and other rivals. Nonetheless, questions remain about how successful Netflix's launch of an ad-supported content tier will be and whether it will manage to get rid of password sharing as planned.

Billionaire investor Bill Ackman built a billion-dollar stake in Netflix earlier this year, only to dump it three months later at a $400 million loss. Also, he lost confidence in his estimates of the company's future cash flows with advertising in the mix.

Netflix shares shed 60% for the year as of Tuesday's close, representing a roughly $160 billion decline in market value.