August 26th, 2010
03:01 PM ET

Netflix releases iPhone app, stock jumps

Netflix unveiled its long-awaited app for the iPhone on Thursday, sending the company's shares almost 2% higher.

The free app lets Netflix members stream TV episodes and movies to their Apple iPhone or iPod Touch for no additional cost.

"Apple has changed the game for mobile devices," Reed Hastings, Netflix co-founder and chief executive officer, said in a statement.

The shows can be streamed over both Wi-Fi and 3G networks, and they are organized based on members' personal preferences, genres, new arrivals and individual instant queues.

Netflix shares were up 1.7% to $126.33 in afternoon trade on Thursday. The stock has been on steady upward streak this year, crossing $100 for the first time in April after the company reported a blowout first quarter.

"Netflix Android" was a trending Google search on Thursday, and Twitter users were also grumbling about when the app would be available for their Android phones.

soundoff (2 Responses)
  1. Thomas

    It works great even from outside the US. You just need to set it up correctly. I have written a little guide on the subject here:

    August 27, 2010 at 9:12 am | Report abuse |
  2. SJC

    It makes a whole lot of sense for them to release a high bandwith streaming app on the worst network in the US; first. why wouldnt they start with verizon or sprint? Android has almost as many devices in the wild as apple (if not more due to variety and multiple carriers). Im just peeved, cause as nice a gadget as the iphone is, im an android person who wants a network that works for a price that makes sense, therefore, no iphone. HURRY UP WITH THAT ANDROID APP NETFLIX!!!

    September 3, 2010 at 2:08 am | Report abuse |