Netflix Doubles Profit, Shares Hit High
(Updated from Thursday)
LOS GATOS, Calif. (TheStreet) -- Netflix (NFLX) shares hit a one-year high on Friday, a day after the online movie renter said its third-quarter profit nearly doubled.
The company also upped its fourth-quarter and full-year outlook, sending shares climbing 10.5% to $54.89 in afternoon trading, after hitting a record $57.50 earlier in the day.
During the quarter, the company earned $30.1 million, or 52 cents a share, from $20.4 million, 33 cents, in the year-ago period. Analysts expected the company to earn 46 cents a share.
Revenue climbed 24% to $423.1 million from $341.3 million last year. Netflix ended the quarter with about 11,109,000 total subscribers, a 28% boost from the same time last year. The company said it plans to expand its newer online streaming service internationally in the second half of 2010. It also said that users can soon watch streaming videos through a device already in many homes. Analysts are murmuring that this could mean that they are partnering with a video-game console maker like Sony (SNE) or Nintendo. Netflix already has a deal with Microsoft (MSFT) to watch videos through its XBox 360. Looking ahead, Netflix expects to earn 38 cents to 47 cents a share in the fourth quarter, higher than the 36 cents to 44 cents a share it previously forecast. For the full-year, Netflix is predicting earnings in the range of $1.82 to $1.90 a share, up from its prior outlook of $1.65 to $1.82 a share. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
