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Netflix Shares Up 20% After Hours on Q1 Results

By Anders Bylund - Apr 22, 2013 at 5:10PM

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Netflix's results came in at the top of guidance ranges, and forward guidance provided additional fuel for optimism.

Shares of video service Netflix (NFLX 4.15%) 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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