NetFlix (NFLX) lost 12% of it market value today and fell as low as $17.17. That was until Wall St. saw the company’s earnings.
Revenue for the second quarter of 2007 was $303.7 million, representing 27 percent year-over-year growth from $239.4 million for the second quarter of 2006.GAAP net income for the second quarter of 2007 increased 50% to $25.6 million, or $0.37 per diluted share, compared to GAAP net income of $17.0 million, or $0.25 per diluted share, for the second quarter of 2006.
Wall St.’s forecast was 23 cents a share on $308 million in second-quarter revenue
Netflix ended the second quarter of 2007 with approximately 6,742,000 total subscribers, representing 30 percent year-over-year growth from 5,169,000 total subscribers at the end of the second quarter of 2006 and 1 percent sequential decline from 6,797,000 subscribers at the end of the first quarter of 2007.
The shares rose about 2% after hours.
Douglas A. McIntyre
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