highflying shares edged down Friday after the DVD-by-mail outfit said its June 30 subscriber total was 82% higher than a year ago.
Netflix's shares cost $28.99 on June 22 and rose steadily to a close Thursday of $35.95. In premarket trading Friday, the stock was down $1.05, or 2.9%, to $34.90, or 68 times the 2004 Thomson First Call earnings estimate. On the basis of 2005 estimates, Netflix gets 25 times earnings.
Netflix had 2,093,000 subscribers at the end of the second quarter, compared with 1,147,000 a year earlier and 1,932,000 at the end of the first quarter of 2004. The company had previously estimated it would end the second quarter with between 1,935,000 and 2,140,000 subscribers.
This week's runup erased a nearly 20% swoon the stock suffered in mid-April when it announced a $2-a-month subscription increase to $21.95.