Written by The Business Journal Staff
(AP) — Netflix Inc. (NFLX) on Monday reported third-quarter profit of $51.5 million.
On a per-share basis, the Los Gatos, California-based company said it had net income of 12 cents.
The results topped Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The internet video service posted revenue of $2.29 billion in the period, which also beat Street forecasts. Twelve analysts surveyed by Zacks expected $2.28 billion.
Netflix shares have fallen 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 4 percent. In the final minutes of trading on Monday, shares hit $99.80, up less than 1 percent for the year.