Netflix Passes the 100 Million Subscriber Milestone, Shares Jump More than 10%
Jul, 18th 05:40
Shares of Netflix Inc. took off by more than 10 percent in after-hours trading on Monday after the streaming giant reported better-than-expected subscriber growth in its second quarter.
Netflix witnessed its shares jump nearly 10.7 percent to trade at $178.98 per share as the company reported adding a second-quarter record 5.2 million subscribers. Netflix reported net income of $65.60 million, or 15 cents per share for the three-month period to June. That was well above the net income of $40.76 million, or 9 cents per share recorded during the year-earlier period.
Revenue for the quarter was reported to hit $2.79 billion, up from $2.11 billion during the same period a year ago. With 5.2 million subscribers added in the last three months (1.1 million domestic and 4.1 million international), Netflix passed the 100 million subscriber milestone. Analysts had forecast that Netflix would add only 631,000 subscribers in the U.S. and Canada and 2.6 million overseas.
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