Netflix 1Q profit, subscriber growth soars

April 23rd, 2009 in Technology / Business

(AP) -- Netflix Inc. says its first-quarter profit soared as 920,000 new subscribers signed up for its DVD-by-mail rental service.

The customer growth announced Thursday was the best in any quarter in Netflix's 10-year history. More people have flocking to since last fall as they looked for more affordable forms of entertainment during the .

Netflix ended March with 10.3 million subscribers.

The Los Gatos-based company earned $22.4 million, or 37 cents per share, in the first quarter. That was up 68 percent from $13.3 million, or 21 cents per share, at the same time last year.

Revenue rose 21 percent to $394 million.

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"Netflix 1Q profit, subscriber growth soars." April 23rd, 2009. http://phys.org/news159723532.html