Netflix Profit Falls On Foreign Exchange Impact; Stock Up 12%

(RTTNews) - Online video service provider Netflix Inc (NFLX) on Wednesday reported first-quarter net earnings of $23.7 million or $0.38 per share compared with $53.1 million or $0.86 per share last year.

Excluding items, adjusted earnings for the quarter were $0.77 per share compared with $0.72 per share a year ago.

Revenues for the quarter were $1.57 billion compared with $1.27 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.69 per share on revenues of $1.57 billion for the quarter. Analysts' estimates typically exclude special items.

The company said it added a record 4.9 million new members globally in the first quarter, against its forecast of 4.1 million, bringing its total global streaming membership to 62.3 million.

For the second quarter, the company expects earnings of $0.26 per share, while analysts expect $0.90 per share.

Netflix shares are gaining 57.26 or 12.04% at $533.00 in after-hours trade on the Nasdaq.