News

Netflix beats 4Q profit expectations, misses revenue forecasts

LOS GATOS, Calif. – LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Tuesday reported fourth-quarter net income of $83.4 million.

On a per-share basis, the Los Gatos, California-based company said it had net income of $1.35. Earnings, adjusted for pretax gains, were 72 cents per share.

The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The Internet video service posted revenue of $1.48 billion in the period, which fell short of Street forecasts. Analysts expected $1.49 billion, according to Zacks.

Netflix shares have climbed slightly more than 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has dropped roughly 2 per cent. In the final minutes of trading on Tuesday, shares hit $345.91, a rise of almost 5 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