Netflix Profits Soar | NBC Bay Area

Netflix Profits Soar



    Netflix is the largest online DVD rental service, offering flat rate rental-by-mail to customers in the United States. Established in 1997 and headquartered in Los Gatos, California, it has amassed a collection of 90,000 titles and over 6.7 million subscribers.

    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 Netflix since last fall as they looked for more affordable forms of entertainment during the recession.

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    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.

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    Revenue rose 21 percent to $394 million.