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Netflix Shares Up 20% After Hours on Q1 Results

Shares of video service Netflix (NASDAQ: NFLX  ) jumped more than 20% in early after-hours trading on Monday.

The boost came after Netflix published results for the first quarter of 2013. The company added 2 million new subscribers domestically and 1 million in international markets. Both figures were at the high end of management's guidance.

The strong influx of new customers led to $1.02 million in global revenue and an adjusted net profit of $0.31 per share. Wall Street analysts had targeted $0.18 in earnings per share and $1.02 billion in sales.

Management placed second-quarter guidance targets somewhat above traditional seasonality, accounting for the impact of original shows such as House of Cards, Hemlock Grove, and Arrested Development. Furthermore, Netflix now plans to add another European territory near the end of 2013. In the previous quarter, further overseas expansion was said to come in "late 2013 or 2014," so the timetable was accelerated again.

Netflix shares trade at $210 after this jump, a price not seen since the Qwikster uproar in 2011.

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  • Report this Comment On April 22, 2013, at 5:19 PM, AceInMySleeve wrote:

    It's almost like they read my last comment (from your other article)

    "For many years, as a DVD-based business, Q1 net additions have been larger than the prior quarter net

    adds, but not this Q1. For DVD, factors such as a robust holiday DVD release slate and publicity for new

    movies created by the awards season telecasts likely influenced this pattern, boosting Q1 relative to Q4.

    This Q4 to Q1 pattern appears to be different for our streaming business, and this is our first clean

    streaming holiday season to show the seasonality."

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