Netflix stock hit its highest level on record after it reported better-than-expected results Tuesday afternoon. The big news was the streaming video company added more subscribers in one quarter than ever in its history.

Netflix announced better-than-expected subscriber numbers, helped by the second series of South Korean drama Squid Game as well as sports including a boxing match between influencer-turned-fighter Jake Paul and former world heavyweight champion Mike Tyson.

Netflix shares moved firmly higher in early Wednesday trading, and look set to pass the $1,000 mark for the first time on record, following a blowout set of fourth quarter earnings that cemented its lead as the world's biggest streaming group and triggered a flurry of upgrades from analysts on Wall Street.

Netflix (NFLX) stock is booming on Wednesday, a day after the company reported blockbuster earnings bolstered by its largest increase of new paid subscribers ever.