Shares of Netflix (NFLX) reached an all-time high on Thursday, topping the S&P 500 with a gain of 18 percent. The stock is TheStreet’s Move of the Day. Shares saw a boost after reporting second quarter earnings on Wednesday. Earnings per share came in at $0.06, slightly ahead of estimates. As for sales, the company’s revenue stood at $1.64 billion, matching the figures Wall Street’s was looking for. But investors cheered the company’s explosive growth in subscribers. Netflix added 3.3 million subscribers during the quarter, compared to 1.7 million during the same quarter last year. That puts its total subscriber count to over 65 million. Commenting on Netflix, TheStreet’s Jim Cramer said: ‘The world is going toward Netflix, in terms of viewing on the internet, in terms of original content and in terms of technology — whether it be the hardware, where, for example, the Netflix button is being built into most of the televisions of most of the big Japanese TV makers before Netflix goes to Japan — or in terms of making the cable companies play ball.’ Shares of Netflix began trading on Wednesday, reflecting its new price following its 7-for-1 stock split, announced last month. TheStreet’s Scott Gamm reports from New York.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
