Tuesday, April 23, 2013

Netflix Shares Soar In Wake of House of Cards Success

Posted By on Tue, Apr 23, 2013 at 9:38 AM

What's America's fastest growing television network? Netflix. But of course, Netflix technically isn't a network.

On the heels of its highly successful launch of its streaming-only series House of Cards, Netflix is impressing investors with better-than-expected profits and solid subscriber growth. Netflix reports that it signed up 2,000,000 new customers in its latest quarter, for a total of 29,200,000 members, almost as many as HBO. Almost as important, Netflix has become one of Wall Street's hottest performers, rising more than 80 percent.

In October 2012, Netflix shares were trading at approximately $60 on Nasdaq. This morning, Netflix was trading at $214 per share.

The company pointed to its current buzz-generating series House of Cards, starring Kevin Spacey, for a good amount of its success and its upcoming May 26 release of the rebooted "Arrested Development" series.

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