Jon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter @jswartz.
Netflix Inc.’s stock surged Wednesday on a huge jump in subscribers, earnings that met expectations and an announced price hike in the company’s basic and premium services.
Revenue improved to $8.54 billion from $7.9 billion a year ago. Analysts surveyed by FactSet had expected on average net earnings of $3.49 a share on revenue of $8.54 billion. “While we have much work to do to build out this business, we’re making good progress and laying the foundation for what we believe should be a multibillion-dollar revenue stream over time,” Netflix executives wrote in a letter to shareholders.
Netflix’s stock has advanced 17% so far this year but has stumbled the past few months, while the broader S&P 500 index SPX is up 12% year to date.
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