Shares of Netflix (NASDAQ: NFLX) moved sharply higher on Thursday, surging by as much as 9.8% in morning trading. As of 12:44 p.m. ET, the stock was still up 8.8%.

The catalyst that drove the streaming video pioneer higher was news that after a slow start, its ad-supported tier is now making serious headway with subscribers.

Netflix's lower-cost Basic with Ads plan is finally hitting its stride, according to an article published by Bloomberg. The plan has attracted more than 1 million users after just two months, according to internal documents. 

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Source Fool.com