Netflix continues to burn cash at a record pace, but investors love it

Netflix‘s cash burn just hit a new record.

In its third quarter earnings report on Tuesday, the company reported negative free cash flow of $859 million, the biggest figure in its history. Netflix continues to increase spending on original content as it seeks to compete with other players like Hulu, HBO and planned streaming services like the one Disney plans to launch next year. Netflix will reportedly spend at least $8 billion on content in 2018.

Investors continue to reward rather than punish Netflix for its free-spending ways, banking that spending to build a library of exclusive original content will help it fend off new contenders in streaming video. The company’s shares jumped about 6 percent early Wednesday following Netflix’s big earnings beat Tuesday.

Here’s a look at Netflix’s stock price and cash burn over the last few years.

Sara Salinas contributed to this report.

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