Netflix 3rd quarter earns over $400M

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FILE- This July 17, 2017, file photo shows a Netflix logo on an iPhone in Philadelphia. Netflix, Inc. reports earnings Monday, July 16, 2018. (AP Photo/Matt Rourke, File)

Netflix Inc. on Tuesday reported third-quarter earnings of $402.8 million.

On a per-share basis, the Los Gatos, California-based company said it had net income of 89 cents.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The internet video service posted revenue of $4 billion in the period, which also beat Street forecasts. Thirteen analysts surveyed by Zacks expected $3.99 billion.

Netflix shares have increased 81 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 5 percent. In the final minutes of trading on Tuesday, shares hit $346.52, an increase of 71 percent in the last 12 months.

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