Leading video streaming company Netflix yesterday revealed above-expectation earnings, resulting in an after-hours surge in the company’s share price.
Netflix recorded an adjusted profit of 72 cents (48 pence) a share for the quarter. According to a consensus estimate on Thomson Reuters, analysts had predicted the company to report earnings of 45 cents a share on $1.48bn in revenue. The most optimistic of analysts predictions had forecast earnings of 52 cents a share.
As a result, Netflix stock shot up 13 per cent in after-hours trading following the news.
Netflix said that earnings had been boosted by international subscriber numbers coming in above expectations. US subscriber numbers were in line with the company’s forecasts.
The internet television giant also said that it can now profitably complete its international expansion plans over the coming two years, ahead of the company’s previous expectations.