Netflix Inc., (NASDAQ:NFLX) shares were up 2% after hours as Q1 earnings rose year-over-year and topped analysts’ forecasts. Netflix reported earnings of $0.86 per share, up from $0.05 per share a year prior. Revenue was $1.27 billion. The Street expected $0.84 per share in earnings and $1.3 billion in revenue.
Netflix expects Q2 earnings of $1.12 per share on $1.14 billion in revenue. The Street expects $1.03 per share on $1.3 billion in revenue for Q2. On the conference call management stated:
“Our original programming initiatives gained momentum in Q1. House of Cards, for which Season 2 debuted in February, attracted a huge audience that would make any cable or broadcast network happy. The on-demand nature of Netflix means that as we promote Season 2, we can still see significant new enjoyment of Season 1,”
Analysts have a consensus price target of $359.71 on Netflix Inc., (NASDAQ:NFLX) which indicates a 6.42% upside. The consensus rating of the stock is a HOLD with a score of 2.26. There are currently 23 Hold Ratings, 4 sell ratings and 15 Buy ratings on the stock.
The most recent analyst action consisted of Oppenheimer upgrading the stock from Market Perform to Outperform on April 7th, 2014.
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