Netflix posts profit above Wall Street expectations

Netflix continues to be miles ahead of the competition: Stock analyst

Wedbush Securities' Daniel Ives on the outlook for Netflix and concerns over Facebook's plans for a cryptocurrency.

Netflix Inc. (NFLX) on Wednesday reported second-quarter net income of $270.7 million.

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The Los Gatos, California-based company said it had net income of 60 cents per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.

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The internet video service posted revenue of $4.92 billion in the period, falling short of Street forecasts. Eleven analysts surveyed by Zacks expected $4.93 billion.

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For the current quarter ending in October, Netflix said it expects revenue in the range of $5.25 billion. Analysts surveyed by Zacks had expected revenue of $5.22 billion.

Netflix shares have risen 35% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%. In the final minutes of trading on Wednesday, shares hit $362.64, a decrease of slightly more than 4% in the last 12 months.