IN THE KNOW Netflix results miss Street forecasts

  • Netflix results miss Street forecasts

Netflix Inc. (NFLX) on Tuesday reported fourth-quarter profit of $542.2 million. 

The Los Gatos, California based company said it had net income of $1.19 per share.

The results missed Wall Street expectations. The average estimate of 15 analysts surveyed by Zack Investment Research was for earnings of $1.38 per share. 

The internet video service posted revenue of $6.64 billion in the period, which beat street forecasts. Fourteen analysts surveyed by Zacks expected $6.63 billion. For the current quarter ending in April, Netflix said it expects revenue in the range of $7.13 billion. Analysts surveyed by Zacks had expected revenue of $6.91 billion. 

Netflix shares have decreased 7% since the beginning of the year, while the Standard & Poor's 500 index has increased 1%. In the final minute of trading on Tuesday, shares hit $501.99, a climb of 48% in the last 12 months. 

- Associated Press