Netflix Tops Second-Quarter Estimates - TheStreet

Netflix Tops Second-Quarter Estimates

Revenue also surges as the company adds subscribers.
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DVD rent-by-mail outfit

Netflix

(NFLX) - Get Report

swung to a better-than-expected profit in the second quarter on a 74% jump in revenue.

The company earned $3.3 million, or 11 cents a share, in the quarter compared with a loss of $13.1 million, or $1.28 a share, last year. Revenue was $63.2 million, up from $36.4 million a year ago.

Before stock-based compensation expenses, Netflix earned 16 cents a share. Analysts surveyed by Thomson First Call had been calling for earnings of 13 cents a share on that basis.

The shares lost $1.50, or 6%, to $23.80 on the Instinet after-hours session.

The company had a total of 1.14 million subscribers at the end of the quarter, having added 327,000 new trial subscribers during the period.

Looking ahead, Netflix expects anywhere from a loss of $2 million to net income of $1 million in the third quarter on revenue of $67 million to $71 million. Analysts expect earnings of 10 cents a share.

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