Netflix shares soared as much as 15 percent after the company beat earnings estimates in its latest quarterly report on Tuesday. The company recorded a total revenue of $4 billion in the quarter ended September 30, 2018. The company's revenue increased by 36 percent.

The video streaming pioneer shocked Wall Street last quarter by falling short of new subscriber estimates, but Tuesday's figures put its total customer base at 137 million worldwide, two million more than consensus.

Netflix’s growth can be partly attributed to its success in India. The first Netflix original series in India, Sacred Games, has been a great success and then with another web series Ghoul, the video streaming company saw tremendous growth in the number of subscribers in the country.

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The Netflix app downloads more than doubled in India, during the July-September quarter as compared to the previous quarter. While the app downloads increased more than 5 times compared to the same quarter the previous year. India recorded the highest growth in app downloads as compared to all other markets.

India is followed by Italy, a distant second with 52 percent growth in app downloads, according to a Credit Suisse report. The overall app downloads for Netflix grew 13 percent during the same period.

India is the third largest market for Netflix with 10 percent share in number of app downloads, can been seen as a proxy for subscriber additions of downloads. India is only behind US (19 percent) and Brazil (14 percent).

Earlier this year, Netflix CEO Reed Hastings visited India and proclaimed that the “next 100 million subscribers” will be “coming from India.”

"We will experiment with other pricing models not only for India but around the world that allow us to sort of broaden access by providing a pricing tier that sits below our current lowest tier," said chief product officer Greg Peters said on the earnings call.

First Published:Oct 17, 2018 9:22 PM IST