Netflix is on a roll

 

Netflix beats analyst projections, stock skyrockets

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Jin Lee

Netflix blew past analyst estimates in the first quarter, and its stock is up more than 20 percent after its earnings announcement.

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Jon Xavier

Web Producer- Silicon Valley Business Journal

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Netflix blew past its somewhat conservative earnings estimates, delivering a profit of $3 million, or 5 cents a share, on a revenue of $1.02 billion. Excluding payments on its debt, the company actually returned about 31 cents a share in the first quarter, far above analyst estimates of 17 cents a share.
This time last year Netflix announced a Q1 loss of about 8 cents per share, but it has turned in four straight quarters of growth since then.
Netflix's stronger earnings have been fueled by growth in its streaming business, which was reflected in its earnings announcement. According to Netflix, it added another 3 million subscribers in the first quarter, bringing its total streaming subscriptions to about 36 million. That was right in line with analyst estimates.

Netflix Inc. stock closed up 6 percent at $174.37, but shot up nearly 25 percent in after hours trading.

Companies: Netflix Inc. (NASDAQ:NFLX)