After a recent bout of bad news, Netflix, Inc. (NASDAQ:NFLX) has something to cheer about as it expects to stream “well over a billion hours” of video in the fourth quarter.
Speaking at the UBS Global Media conference, Netflix CEO Reed Hastings affirmed the company’s recent problems of keeping its subscribers but beamed when talking about the company’s expanding streaming business. Hasting said, “Streaming has been a rocket ship,” according to GigaOm.
In this competitive arena, Hastings knows the players are growing but confessed the company he fears the most is HBO Go (NYSE:TWX). He elaborated that both Netflix and HBO can spend $2 billion per year on content and said, “They are becoming more Netflix-like and we are becoming more HBO-like.”
Looking ahead, Hastings said he was impressed by HBO Go and believes that HBO will eventually rebrand the online service to be called HBO and become its core offering.
Here’s how Netflix and Time Warner recently traded:
Netflix, Inc. (NASDAQ:NFLX): NFLX shares recently traded at $75.26, up $4.37, or 6.16%. They have traded in a 52-week range of $62.37 to $304.79. Volume today was 13,328,345 shares versus a 3-month average volume of 10,240,500 shares. The company’s trailing P/E is 17.10, while trailing earnings are $4.40 per share.
Time Warner Inc. (NYSE:TWX): TWX shares recently traded at $34.24, down $0.36, or 1.04%. They have traded in a 52-week range of $27.99 to $38.62. Volume today was 5,487,043 shares versus a 3-month average volume of 8,216,600 shares. The company’s trailing P/E is 13.00, while trailing earnings are $2.63 per share.