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%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Latest posts by Market Watch (see all)
- The Margin: Critics charge true intent of Trump threat to would-be fraudulent voters is vote suppression - October 21, 2018
- Not winning the Mega Millions could be the best thing that ever happens to you - October 21, 2018
- Winning the lottery will make you rich, but not necessarily happier - October 21, 2018