Netflix Gets Small Wall Street Boost After Q3 Earnings Surpass Expectations

Netflix shareholders enjoyed a modest boost on Thursday, one day after the streaming heavyweight surpassed its Q3 earnings expectations and narrowly missed out on hitting the 7 million new subscribers it had forecast. Netflix’s stock increased by 2.5% on Thursday, closing at $293.35 per share. The company’s stock had run past $300 per share in after-hours trading on Wednesday — the first time it had crossed the $300 threshold since August — but didn’t sustain its gains on Thursday. Still, the increase comes after a particularly tough few months for Netflix on Wall Street. Its share price had dipped 25% since July when the company reported underwhelming second-quarter subscriber growth, punctuated by Netflix losing customers in the U.S. for the first time ever. Also Read: Why Netflix Continues to Shrug Off Looming Threats From Disney and Apple Netflix rebounded a bit during the third quarter, adding 6.8 million new subscribers. 6.3 million of those new customers came from outside the U.S. Overall, Netflix now has 158 million global subscribers. The bright spot for Netflix and its shareholders, however, was the company reporting $1.47 earnings per share, easily trumping the $1.04 analysts had projected. Sales of $5.25 billion matched revenue estimates....

Read original story Netflix Gets Small Wall Street Boost After Q3 Earnings Surpass Expectations At TheWrap