Netflix (NFLX) shot up more than 20 percent after the movie-rental company reported earnings that beat expectations.
The headquarters of Netflix is shown in Los Gatos, California. REUTERS/Robert GalbraithWhat's the stock doing now? (Click here for the latest after-hours quote.) (NFLX)
The company posted first-quarter earnings excluding items of 31 cents a share, up from a loss of 8 cents a share in the year-earlier period.
Revenue increased to $1.02 billion from $870 million a year ago.
Analysts had expected Netflix (NFLX) to report earnings excluding items of 19 cents a share on $1.02 billion in revenue, according to a consensus estimate from Thomson Reuters.
For the second quarter, Netflix said it expects earnings to come in between 23 cents a share and 48 a cents a share. Analysts currently expect 30 cents a share.
(More From CNBC: Banks Rack Up Profits, but Investors Aren't Happy)
"I think we need to look that they can grow more domestic streaming subs this year than they did last year," said Barton Crockett, analyst at Lazard Capital Markets, "They show that type of trajectory and you can start to believe Netflix can get more subscribers than HBO over time which I think would be a great argument for the stock."
More From CNBC
-
Ahead of Earnings, Suppliers Sour on Apple
-
Caterpillar Profit Falls Short; Slashes 2013 Sales Outlook
-
Apple, Netflix Among Big Names Reporting Next Week
