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UPDATE 2-Netflix shares soar after surprise profit
Reuters: Cyclical Consumer Goods
Wed, 23 Jan 2013
Jan 23 (Reuters) - Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares 34 percent higher.
Despite the big drop in price, Netflix's lack of competitive advantages makes it hard to justify the current valuation, says Morningstar's Michael Corty.