Netflix Shares Jump After Q1 Results
Shares of Netflix, Inc. (NASDAQ: NFLX) jumped more than 12 percent in after-hours trading after the company reported results for the first quarter.
The Los Gatos, California-based company reported a quarterly profit of $23.7 million, or $0.38 per share, versus a year-ago profit of $53.1 million, or $0.86 per share. Excluding certain costs, the company earned $0.77 per share in the quarter.
Its revenue climbed to $1.57 billion, versus $1.27 billion in the year-ago period. However, analysts were expecting a profit of $0.69 per share on revenue of $1.57 billion.
The average estimate among 105 Estimize users was for earnings of $0.76 per share and revenue of $1.58 billion.
During the quarter, Netflix added 4.9 million streaming subscribers. The company had expected an addition of 4.1 million in the same quarter.
In the US, the company added 2.3 million new members. However, the company had expected an addition of 1.8 million. Internationally, Netflix added 2.6 million members, compared to a forecast of 2.25 million members.
For the current quarter, the company expects a profit of $0.26 per share. It also projects to add 2.5 million subscribers for the quarter. Analysts had projected earnings of $0.90 per share for the current quarter.
Netflix shares jumped 12.03 percent to $532.65 in the after-hours trading session.
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