Netflix tops $1 billion in revenue and beats estimates
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Netflix said Monday that its first-quarter revenue topped $1 billion and thatis subscriber base grew more than expected to 48 million members worldwide.
The net profit of $53 million, or 0.86 cents per share, beat analysts' estimates of 83 cents. It also beat the company's own forecast of $48 million, same as the previous quarter, with a slight decline of 78 cents per share.
Shares of Netflix rose in after-hours trading, up 3% to $359, having closed at $348.49 before the Los Gatos, Calif.-based company released its earnings at the market's close.
Netflix stock has risen and fallen since its fourth-quarter earnings were announced three months ago. Company stock climbed to nearly $455 after the streaming service announced a deal with Comcast to ensure high quality streaming of Netflix content for Comcast Net customers.
Since then, the stock has taken a hit in the wake of last month's reports that Apple and Comcast were teaming up for an as-yet-unannounced streaming TV service. Share prices dropped nearly 7% to $405.99 after that report and has continued to decline before rising slightly in preparation for the earnings report.
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