Netflix buys $175 million of its own stock

THE DVD rental and Internet streaming outfit Netflix has splashed out and bought $175 million of its own shares.

The outfit has been doing quite well, but its share price is quite low thanks to the economic downturn. Netflix has spent about $300 million buying back more than 12 million of its shares in the last few years.

It means that the outfit does not have to share so much of its glory with shareholders and those who still hold shares get more. It is predicted that Netflix earnings will climb from between $88 million to $98 million. µ