LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Tuesday reported first-quarter earnings of $709.1 million.
On a per-share basis, the Los Gatos, California-based company said it had net income of $1.57.
The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The internet video service posted revenue of $5.77 billion in the period, which beat Street forecasts. Nine analysts surveyed by Zacks expected $5.7 billion.
For the current quarter ending in July, Netflix said it expects revenue in the range of $6.05 billion. Analysts surveyed by Zacks had expected revenue of $5.52 billion.
Netflix shares have climbed 36% since the beginning of the year, while the Standard & Poor’s 500 index has declined 15%. In the final minutes of trading on Tuesday, shares hit $439.18, a climb of 16% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NFLX at https://www.zacks.com/ap/NFLX
The Associated Press