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.
Keywords: Netflix, Earnings Report, Priority Earnings