Netflix shares have roughly doubled in the past year, setting a high bar for future growth as its market capitalization overtakes the valuations of rivals Disney, Comcast, Warner Bros. Discovery, and Paramount Global combined.

Shares of Netflix ( NFLX 11.87%) charged sharply higher on Wednesday, surging as much as 14.9%. As of 10:58 a.m. ET, the stock was still up 11.1%. The catalyst that propelled the streaming pioneer higher was the company's financial results, which were much better than investors had anticipated.