Shares of Netflix,
Inc. (NASDAQ:NFLX) are having crazy run after the online movie rental
company reported a blowout third quarter earnings and added more than estimated
subscribers during the period.
The company said that its subscribers base jumped to
16.9 million and added 1.93 million customers during the recent quarter. This
was even higher than anlysts’ high range expectations by 200,000 .
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Company’s ney income jumped $38 million, or 70 cents
a share, compared to $30.1 million, or 52 cents, a year earlier, Netflix said.
Sales grew 31% to $553.2 million, beating analysts’
projections of $551.7 million.
Netflix lifted its year-end subscriber outlook to as
much as 19.7 million from earlier guidance of 18.5 million. Sales are expected to
be $586 million - $598 million. The company projects net income of $32 million -
$40 million, and earnings of 59 cents to 74 cents a share, unchanged from prior
forecasts.
The solid results prompted at least 2 analysts to
raise their target on the shares. Oppenheimer's Jason Helfstein who expects the
share price to touch $300 in 2011.
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Shares of NFLX are up 12% to $171 after hitting an
all time high of $174.94 earlier in the session.
Netflix, Inc. is a subscription service streaming
movies and television episodes over the Internet and sending digital versatile
discs (DVDs) by mail to more than 12 million subscribers.
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