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Netflix earnings, subscriber additions beat expectations, stock jumps 6%

Netflix Inc. shares jumped more than 6% in after-hours trading Monday as the streaming-video company reported better profit and subscriber additions than expected. Netflix said it added 7.4 million new subscribers in the first quarter, when it had profit of $290.1 million, or 64 cents a share, on revenue of $3.7 billion. Analysts on average expected 6.6 million new subscribers, with earnings of 63 cents a share on revenue of $3.69 billion, according to FactSet. The company also projected 6.2 million additions in the current quarter, while analysts on average were expecting 5.6 million, according to FactSet. Netflix stock closed down 1.2% at $307.78 Monday afternoon, then spiked after the report was released; shares have gained 60.3% so far this year, while the S&P 500 index has declined 0.7%.

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