Netflix just hit a record high (NFLX)

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Netflix shares hit an all-time high of $346.73 early Thursday.

The streaming-video giant has seen momentum as of late, propelled by its first-quarter earnings report. Although revenue and earnings-per-share were in line with Wall Street expectations, subscriber growth blew past estimates. The company added 7.41 million subscribers in the US and internationally — its biggest total for Q1.

International growth has been an area investors have hung their hat on recently, and all the signs seem to be pointing to Netflix maintaining its dominance as it expands globally. Morgan Stanley data shows there’s much more room for international growth, which the company has just begun to tap into.

Netflix has said it will spend $8 billion on content this year and expects its cash burn to rise to $3 billion-$4 billion.