Reuters: Hot Stocks: UPDATE 1-Netflix profit grows, shares drop on subscriber numbers

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UPDATE 1-Netflix profit grows, shares drop on subscriber numbers Jul 22nd 2013, 20:34 Mon Jul 22, 2013 4:34pm EDT (Adds stock drop, analyst comment) LOS ANGELES, July 22 (Reuters) - Netflix Inc reported a higher profit for the second quarter, beating Wall Street's estimates, as the company added subscribers to its video streaming service, though not as many as analysts expected. Shares of Netflix fell 5 percent in after-hours trading on Monday to $248.00, down from their earlier $261.96 close on the Nasdaq. Netflix signed up 630,000 new streaming customers in the United States, in the middle of a forecast the company issued in April. The average expectation of Wall Street analysts was 700,000, Sterne Agee analyst Arvind Bhatia said. "It's a mixed quarter, not good enough for the stock to move up a bit," Bhatia said. Netflix said it recorded net income of $29 million for the quarter, compared with $6 million in the same period a year earlier, when the company was spending heavily to push into foreign countries. Earnings per share reached 49 cents, beating analysts average expectation of 40 cents, according to Thomson Reuters I/B/E/S. (Reporting by Lisa Richwine and Liana B. Baker; Editing by Ronald Grover and Steve Orlofsky) Link this Share this Digg this Email Reprints

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