Netflix big surprise Q4 strong showing!

Jan 23, 2013, 1:46pm PST

Netflix surprises analysts with strong Q4 showing

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Shana Lynch

Managing Editor- Silicon Valley Business Journal

Email | Twitter | Google

After warning investors it would see a loss for the fourth quarter, Netflix Inc. came in with a win in today's earnings announcement.

The video streaming and DVD business reported a profit of 13 cents earnings per share on revenue of $945 million, up 8 percent year-over-year. Analysts had expected a loss of 13 cents per share and revenue of $934 million.
It posted net earnings of $8 million, which was a 78 percent drop year-over-year.
Stock of the company (NASDAQ:NFLX) was up 5.6 percent at the close of the day, closing at $103.26 compared to Tuesday’s close of $97.81. In after-hours trading, the stock shot up 34 percent, hitting $138.12.
Netflix has been busy the past two months. Netflix partnered with Warner Bros. Television Group to bring various television shows to the site, and also made a deal to offer an original season of Arrested Development.
In December, Netflix landed the rights to Disney films.
The beginning of the quarter was tumultuous. Activist investor Carl Icahn took a 10 percent stake in the company in late October, fueling rumors that he would try to sell the company. Netflix nipped back by adopting a poison pill that would protect it from a corporate takeover.
In its earnings, the company also said it added 2 million subscribers in the past few months, hitting 27.1 million U.S. subscribers.
Read the full quarterly earnings here.

Shana Lynch is Managing Editor at the Business Journal. Her phone number is 408.299.1831.

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