Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 34 percent higher.The dominant U.S. video rental company had warned three months ago that it expected a loss for the October to December period as it paid startup costs for an aggressive expansion into Scandinavia and other foreign markets.Netflix beat that guidance by reporting $8 million in net income for the fourth quarter, or 13 cents per share. Revenue rose to $945 million. The company also forecast it will add 1.7 million members in the first three months of 2013, though it forecasts net income to be "relatively flat" due to declining profit from the DVD business and higher global operating costs.Shares of the company surged 34 percent after Netflix released its results, reaching $138.14 in after-hours trading, after closing at $103.26.
Netflix, Inc. (Netflix) is an Internet subscription service streaming television shows and movies. Shares of NFLX traded higher by 5.57% or $5.45/share to $103.26. In the past year, the shares have traded as low as $52.81 and as high as $133.43. On average, 4425530 shares of NFLX exchange hands on a given day and today's volume is recorded at 10348149.
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