Reuters: Global Markets: Netflix surprises with profit on subscriber growth

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Netflix surprises with profit on subscriber growth Jan 23rd 2013, 22:03 Tweet Share this Email Print Related News UPDATE 5-WellPoint profit beats, but 2013 outlook 'prudent' 12:40pm EST UPDATE 3-St. Jude cost cutting pushes Q4 profit above estimates 11:27am EST Texas Instruments warns of weak demand Tue, Jan 22 2013 Chipmaker AMD's revenue tops estimates, forecast misses Tue, Jan 22 2013 IBM fourth quarter earnings, revenue beat Street Tue, Jan 22 2013 Analysis & Opinion Avis gives Zipcar a faster lane to profitability Related Topics Investing and Taxes Simplified » Tech » Hot Stocks » Asian Markets » The headquarters of Netflix is shown in Los Gatos, California September 20, 2011. Credit: Reuters/Robert Galbraith Wed Jan 23, 2013 5:03pm EST (Reuters) - Video subscription service Netflix Inc reported a quarterly profit as the company added subscribers in the United States and abroad, sending its shares 27 percent higher. Netflix had warned Wall Street it expected a loss for the quarter. The company reported on Wednesday $8 million in net income for the fourth quarter, or 13 cents per share. Revenue rose to $945 million. Shares of the company surged 27 percent after Netflix released its results, reaching $131.60 in after-hours trading. Netflix earlier closed at $103.26 on Nasdaq. Netflix said it added 2.1 million customers to its U.S. streaming business during the quarter for a total of 27.2 million. "They did surprisingly well with subscriber growth and profitability," Lazard Capital Markets analyst Barton Crockett said. "It was a very good quarter." Wall Street analysts on average had predicted Netflix would report a loss of 13 cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Lisa Richwine; Editing by Phil Berlowitz) Investing and Taxes Simplified Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Now maybe they'll commit to adding some new content before 2016. Jan 23, 2013 4:41pm EST  --  Report as abuse See All Comments » Add Your Comment

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