Netflix beats 2Q profit forecasts

AP News
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Posted: Jul 18, 2016 5:16 PM
Netflix beats 2Q profit forecasts

LOS GATOS, Calif. (AP) — Netflix Inc. (NFLX) on Monday reported second-quarter net income of $40.8 million.

The Los Gatos, California-based company said it had net income of 9 cents per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.

The Internet video service posted revenue of $2.11 billion in the period, which matched Street forecasts.

Netflix shares have decreased 14 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. In the final minutes of trading on Monday, shares hit $98.81, a decline of 15 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NFLX at http://www.zacks.com/ap/NFLX

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Keywords: Netflix, Earnings Report, Priority Earnings