Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Netflix meets 3Q profit expectations, misses revenue forecasts

LOS GATOS, Calif. – LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Wednesday reported third-quarter profit of $29.4 million.

On a per-share basis, the Los Gatos, California-based company said it had net income of 7 cents.

The results met Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was also for earnings of 7 cents per share.

The Internet video service posted revenue of $1.74 billion in the period, which did not meet Street forecasts. Twelve analysts surveyed by Zacks expected $1.75 billion.

Netflix shares have more than doubled since the beginning of the year, while the Standard & Poor’s 500 index has decreased 3 per cent. In the final minutes of trading on Wednesday, shares hit $109.60, an increase of 71 per cent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NFLX at http://www.zacks.com/ap/NFLX

_____

Keywords: Netflix, Earnings Report, Priority Earnings

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles