LOS GATOS, Calif. (AP) _ Netflix Inc. (NFLX) on Tuesday reported fourth-quarter profit of $587 million.
The Los Gatos, California-based company said it had net income of $1.30 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The internet video service posted revenue of $5.47 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $5.44 billion.
For the current quarter ending in April, Netflix said it expects revenue in the range of $5.73 billion. Analysts surveyed by Zacks had expected revenue of $5.52 billion.
Netflix shares have increased 4.5% since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 3%. In the final minutes of trading on Tuesday, shares hit $338.11, dropping slightly in the last 12 months.