Netflix Reaches New Heights -- City Index Australia

Tue Jan 29, 2013 9:00pm EST

* Reuters is not responsible for the content in this press release.

  SYDNEY, AUSTRALIA, Jan 29 (Marketwire) -- 
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

    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

    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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Joshua Raymond
City Index

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