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Netflix beats 3Q profit expectations, meets revenue forecasts

LOS GATOS, Calif. – LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Wednesday reported third-quarter net income of $59.3 million.

On a per-share basis, the Los Gatos, California-based company said it had net income of 96 cents.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.

The Internet video service posted revenue of $1.41 billion in the period, which matched Street forecasts.

Netflix shares have risen 22 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 1 per cent. In the final minutes of trading on Wednesday, shares hit $448.95, a rise of 40 per cent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. NFLX stock research report from Zacks.

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