Netflix Profits Soar

Thursday, Apr 23, 2009  |  Updated 1:45 PM PDT
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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.

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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.

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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