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Netflix customers streamed back in Q4 as earnings beat The Street

Friday, January 27, 2012 by Proactive Investors

Streaming media company Netflix (NASDAQ:NFLX) beat Street estimates for fourth-quarter earnings as the number of subcribers to its online services grew.

For the quarter ended December 31, earnings came in at $40.7 million, or 73 cents per share, compared with income of $47.1 million, or 87 cents per share a year earlier.

Analysts were expecting 54 cents per share, according to FactSet.

Fourth-quarter revenue climbed 47% to $876 million, $19 million above analyst projections.

Netflix ended December with 24.4 million subscribers in the US, up from 23.8 million at the end of September. That gain of about 600,000 customers compares with the loss of 800,000 subscribers last summer after it raised its prices by as much as 60 percent.

With the backlash over higher prices easing, Netflix's biggest challenge may be fending off competitive challenges to its primary business of streaming video over high-speed Internet connections.

Amazon.com (NASDAQ:AMZN) is rapidly expanding a streaming service it started last year while many analysts are expecting Verizon Communications (NYSE:VZ) to also get into video streaming later this year.

Netflix expects its comeback to gather momentum in the current quarter.

The company forecast that it will add 1.7 million US subscribers to its Internet video streaming service. That would be in line with how many streaming subscribers signed up in last year's first quarter.

Netflix ended 2011 with 21.7 million streaming subscribers in the US and another 1.9 million in Canada and Latin America.

This month, Netflix introduced streaming plans in the UK and Ireland.

Looking ahead, the company forecast a first-quarter loss of 16 cents to 49 cents per share.

Analysts on average expect a first-quarter loss of 29 cents per share.

Netflix projected first-quarter revenue of $842 million to $877 million, compared with a forecast for $849 million from analysts.

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