News

Netflix beats 1Q profit forecasts

LOS GATOS, Calif. – LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Monday reported first-quarter earnings of $27.7 million.

The Los Gatos, California-based company said it had profit of 6 cents per share.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The Internet video service posted revenue of $1.96 billion in the period, missing Street forecasts. Thirteen analysts surveyed by Zacks expected $1.97 billion.

Netflix shares have decreased 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 per cent. In the final minutes of trading on Monday, shares hit $108.65, an increase of 35 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