Netflix Q4 profit beats reduced expectations, stock jumps
Netflix, the online video-rental service that's struggling to win back customer faith, took a baby step toward redemption by beating lowered profit expectations in the fourth quarter on soaring revenue.
The company reported worldwide revenue of $876 million, up 47 percent over the year-earlier period. While net income slumped 15 percent to $40.7 million, or 73 cents a share, that was a significant improvement over the 54 cents Wall Street had expected.
Investors took heart in the results, pushing up Netflix shares 13 percent in after-hours trading to $107.25.If you're still wondering whether consumers … Read more