Don't call it a comeback, but (NASDAQ: NFLX) stock is on the upswing. Shares of the former Wall Street favorite are beating the S 500 this year and are well ahead of the tech-heavy Nasdaq Composite Index.

Much of that rally came after Netflix announced stellar Q3 earnings results on Oct. 18 that showed excellent membership momentum. You'd be wrong to think you missed the boat on this growth stock, though. In several important ways, the Netflix expansion story is just getting started.

A major concern among investors has been that Netflix's growth rate will hit a wall due to some combination of competition, saturation in the core U.S. market, and slowing consumer spending. But it was clear from the company's latest earnings update that these fears are overblown. Netflix gained 9 million paying subscribers in Q3. Its membership base is approaching 250 million compared to 223 million a year ago.

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Source Fool.com