Netflix's stock hits highest price in 16 months
In this Oct. 10, 2011, file photo, the exterior of Netflix headquarters is seen in Los Gatos, Calif. (AP Photo/Paul Sakuma, file)
Published Friday, January 25, 2013 6:31PM EST
SAN FRANCISCO -- Netflix remains a hot ticket on Wall Street.
The Internet video service's stock climbed another 15 per cent Friday to reach its highest price in 16 months. The latest surge followed a 42 per cent leap on Thursday that marked the stock's biggest single-day gain since Netflix Inc. went public in May 2002.
Netflix's fourth-quarter earnings spurred the stampede to buy the company's stock. The results released Wednesday were highlighted by an unexpected profit and accelerated customer growth that left Netflix with 33 million worldwide subscribers to its service that streams movies and TV shows to Internet-connected devices.
The stock gained $22.70 to close at $169.56. Earlier in the session, Netflix reached $172.68, the highest it has been since September 2011.
Despite the recent rally, the stock is still well below its peak of nearly $305, hit 18 months ago. The shares plunged after Netflix irked customers by raising prices as much as 60 per cent for subscribers who wanted access to the Internet video library and DVD rentals by mail.