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Netflix Profit Declines, but Tops Views
Updated: Wednesday, 25 Jan 2012, 2:47 PM PST
Published : Wednesday, 25 Jan 2012, 2:47 PM PST
(MarketWatch) - Video rental provider Netflix Inc. said Wednesday that its fourth-quarter profit fell 13 percent on a decrease in subscriptions to the DVD portion of its business, but the results handily beat most estimates.
The company said it earned $41 million, or 73 cents a share, on revenue of $876 million, compared with year-earlier net income of $47 million, or 87 cents a share, on revenue of $596 million.
Analysts surveyed by FactSet Research were expecting Netflix to post a profit of 54 cents a share, excluding items, on revenue of $857.3 million.
The company said early this month that its subscribers streamed more than two billion hours of movies and TV shows in the fourth quarter.
In the first quarter, Netflix expects to take a loss of $9 million to $27 million, due to increased investment in its international markets, particularly its recent UK launch.
In after-hours trading, Netflix shares rose nearly 11 percent on the news.
Read more: MarketWatch
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