Netflix Quarterly Profit Jumps; Sales Miss Estimates
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Netflix Inc., the mail-order and online movie-rental service, said second-quarter profit rose 34 percent. The shares fell after sales missed analysts’ estimates and the company said it will spend for more exclusive content.
Net income advanced to $43.5 million, or 80 cents a share, from $32.4 million, or 54 cents, a year earlier, the Los Gatos, California-based company said today in a statement. Sales rose 27 percent to $519.8 million, missing the $525.4 million average of 22 analysts’ estimates compiled by Bloomberg.