Shares of Netflix (NASDAQ: NFLX) charged sharply higher on Wednesday, surging as much as 15.9%. As of 10:37 a.m. ET, the stock was still up 15.5%.

The catalyst that drove the streaming pioneer higher was the company's financial results, which held good news on multiple fronts.

Much to the delight of shareholders, Netflix reported that its subscriber growth turned positive in the third quarter, after two consecutive quarters of declines. Perhaps as importantly, it did so in grand fashion, with 2.4 million net additions, far exceeding its own guidance -- and Wall Street's expectations -- of 1 million new subscribers. "Thank God, we're done with shrinking quarters," said co-founder and co-CEO Reed Hastings on the earnings webcast to discuss the results. 

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Source Fool.com