Surprise! Online TV is billion-dollar biz
Amazon takes on Netflix with free instant streaming
The distress with tech stocks7% of Americans subscribe to Netflix Netflix CEO Reed Hastings has presided over a ten-year of soaring growth by his video flowing and rental enterprise.
By Julianne Pepitone, staff reporterApril 25, 2011: 7:03 PM ET
NEW YORK (CNNMoney) -- Netflix knocked over a new milestone Monday: It now has extra subscribers than the largest cable TV worker in the U.S.
Netflix's global subscriber bottom grew virtually 70% over the past year, to 23.six million users. With that spectators, it dethroned Comcast (CMCSA, Fortune 500) as the country's biggest provider of subscription video content. More than 7% of Americans now subscribe to Netflix.
Those details came out Monday in Netflix's (NFLX) first-quarter report, in which the company reported earnings of of $60.two million, or $1.11 a share. That's up from $32 million, or 59 cents a share, a year antecedent.
Revenue rose 46% to $719 million. Both diagrams topped Wall Street estimates, but shares fell 2.5% in after-hours commerce on light forecasts for the second quarter.
Netflix said it expects earnings of 93 cents to $1.15 a share for the second quarter, lower than analysts' forecasts.
When you're a mammoth, growth gets harder.
Netflix said in its release that it expects subscriber growth to continue at a fast mow for the repose of the year, but it advised that year-ago comparisons will obtain tougher in the coming dwelling.
The release also famous the emergence of new, competing services Hulu Plus Amazon (AMZN, Fortune 500) Prime.
More content: Netflix is hoping to combat additional championship with more matchless content. Last month,
coach sunglasses, the company announced it had bought its first original show: "House of Cards," featuring Kevin Spacey.
"This represents slightly greater ingenious hazard than we've taken in the elapse, but we meditation it's rational given the popularity of the incipient BBC show,
cheap oakley sunglasses," Netflix said Monday in a "letter to shareholders" released alongside its earnings report.
Netflix will consider the buy a success "if 'House of Cards' is popular ample on Netflix so that the fare we've paid is in line with that of additional equally fashionable content on Netflix at the time," Hastings wrote in the letter.
The company said it hopes to "authorization 2 or three similar,
cheap sunglasses, but smaller deals" in the hereafter.
Netflix has also brokered deals with webs and laboratories. In its earnings release, the company confessed its recent deal with CBS "includes merely a few on-air shows ever since" -- but it also makes Netflix the only online subscription service to offer shows from all four broadcast networks.
International concerns: Netflix fired in Canada late final year, and it ended the premier quarter of 2011 with approximately 800,000 Canadian subscribers -- lower than the company had forecast.
"We are still studying the seasonality bend and nuances specific to Canada,
discount oakley sunglasses," Netflix said in its release.
The company had formerly said it expected $50 million in operating losses in the second half of the year for the worldwide sector. Now, it forecasts $50 to $70 million in losses -- "which we are comfortable with given the size of the opportunity."
On a post-earnings meeting shriek, numerous analysts' answers revolved nigh the situation in Canada. Hastings shrugged off maximum of the queries, saying "it takes period" to amplify exact data and forecast correctly in a fashionable district.
Hastings also said formative apps for Google's (GOOG, Fortune 500) Android operating system namely "a huge priority," yet he wouldn't remark beyond ashore a timeline.
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Netflix tops Comcast as largest video subscription service - Apr. 25, 2011
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