Reuters: Hot Stocks: UPDATE 2-Netflix adds U.S. streaming customers, shares jump 9 pct

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UPDATE 2-Netflix adds U.S. streaming customers, shares jump 9 pct Oct 21st 2013, 20:59 Share this Email Print Reprints Mon Oct 21, 2013 4:59pm EDT (Updates share price, adds analyst comment) By Lisa Richwine LOS ANGELES Oct 21 (Reuters) - Netflix Inc's profit quadrupled in the third quarter as it added a higher-than-expected 1.3 million subscribers to its subscription video streaming service, sending shares up 9.3 percent in after-hours trading. Netflix reported earnings-per-share of 52 cents, beating the average of 49 cents projected by Wall Street analysts surveyed by Thomson Reuters I/B/E/S. Net income for the quarter reached $32 million, up from $8 million a year earlier, Netflix said in its quarterly letter to shareholders. The number of new U.S. streaming customers came in slightly ahead of Wall Street expectations, said Janney Montgomery Scott analyst Tony Wible, who rates Netflix a "buy." "That keeps the view alive that this company has a larger subscriber base and has pricing leverage in its corner to extract more value," Wible said. Total subscribers to the U.S. streaming service, the biggest part of its business, reached 31.1 million. Netflix added 1.4 million customers in international markets, bringing its reach in foreign territories to 9.2 million. During the quarter, Netflix released critically praised prison drama "Orange is the New Black," part of its investment in exclusive original programming to keep and attract customers to its $8-a-month movie and TV streaming service. Its original series slate attracted buzz during the quarter with 14 Emmy nominations and three wins for shows including political thriller "House of Cards." Netflix also was added in September as an option on cable set-top boxes to two systems in Europe. The company's shares rose to $387.90 in after-hours trading, compared with their close of $354.99 on the Nasdaq. (Reporting by Lisa Richwine; editing by Matthew Lewis) Link this Share this Digg this Email Reprints

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