New York Post

Netflix shares hit peak on Q2 triumph


Netflix stock soared to an all-time high in after-hours trading on Monday after the video streamer blew past its own subscriber growth forecast for the second-quarter.

The stock jumped roughly 11 percent, topping $179 per share after it closed regular trading at $161.70, up 58 cents.

A second-quarter record of 5.2 million new global subs — 63 percent more than the 3.2 million forecast by the Los Gatos, Calif., company — boosted quarterly revenue to $2.79 billion and generated earnings per share of 15 cents.

Wall Street was expecting $2.76 billion in revenue and EPS of 16 cents.

“Our streaming membership grew more than expected, from 99 million to 104 million, due to our amazing content,” Netflix said in a letter to shareholde­rs.

That content drew 91 Emmy nomination­s last week, including five for best series: “Stranger Things,” “The Crown,” “House of Cards,” “Master of None” and “Unbreakabl­e Kimmy Schmidt.”

The results moved analyst Tuna Amobi of CFRA to increase his 12month target price for the stock by $25 — to $200 per share.

“With a notable second-quarter tipping point for [internatio­nal], Netflix sees a positive ’17 internatio­nal contributi­on profit,” Amobi said.

That profit, if realized, would be Netflix’s first from overseas markets.

Looking ahead, the Reed Hastingshe­lmed company acknowledg­ed intense competitio­n from an increasing number of streaming video-on-demand rivals.

But it predicted the shift from linear TV to on-demand viewing will prove “so big” as to accommodat­e many internet TV services.

“The internet may not have been great for the music business due to piracy, but, wow, it is incredible for growing the video entertainm­ent business,” Netflix said.

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