From the Wires
Netflix Reaches New Heights -- City Index Australia
By: Marketwired .
Jan. 29, 2013 09:00 PM
SYDNEY, AUSTRALIA -- (Marketwire) -- 01/29/13 -- City Index Australia: The rollercoaster ride on Wall Street for Netflix scaled new heights, with the company's stock climbing by $43.60 to close the day's trading on the Nasdaq at $146.86.
The favourable figures are the result of the company revealing better than expected earnings for the last three months of 2012 late on Wednesday.
Netflix's 42 per cent rise is the biggest gain since the company went public over ten years ago; a time when investors were still reluctant to buy into internet companies due to the burst of the dot-com bubble.
Its previous high came in October 2002, where shares rose by nearly 36 per cent.
Confidence in the company has grown since it established itself as the leader of streaming movies and television shows for use at home, although it does still run its DVD-by-mail service.
The company had fallen out of favour on Wall Street due to upsetting its subscribers by announcing the end of DVD rental and streaming services in one single package, as well as increasing competition from Amazon and Hulu.
This caused such low-confidence on the part of investors that its stocks fell to a 52-month low just five months ago.
But investment from billionaire Carl Icahn, as well as a deal with the Walt Disney Co in December has restored faith amongst investors.
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