Netflix 1Q profit rises with 1.7M more subscribers

(AP) -- Netflix's first-quarter income rose 44 percent as the movie subscription service added 1.7 million more customers.

The results announced Wednesday are the latest evidence of Netflix's rising popularity. The service has picked up more than 5 million subscribers in the past 18 months as more households are embracing Netflix's DVD-by-mail and Internet video packages.

Netflix ended March with nearly 14 million subscribers and expects to add at least 700,000 more by July.

The company earned $32 million in the first three months of the year. Its earnings of 59 cents per share were a nickel above the average analyst estimate.

Revenue climbed 25 percent to nearly $494 million.

Shares of the company rose 26 cents to $87.24 in extended trading Wednesday after the release of results. Earlier in the day, the stock closed down 9 cents at $86.98.

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