Netflix’s 1Q top forecasts, stock still plummets

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The first-quarter progress wasn’t enough to avert Netflix’s first loss for any three-month period since the first quarter of 2005. The red ink flowed mainly because of the company’s costs for international expansion and rising fees to license content for its Internet video library.

Netflix lost $4.6 million, or 8 cents per share, during the quarter. That compared to net income of $60 million, or $1.11 per share, at the same time last year.

First-quarter revenue climbed 21 percent from last year to $870 million.

Analysts surveyed by FactSet had predicted Netflix would lose 27 cents per share on revenue of $866 million.

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