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Million more subscribers ramp up revenues for Netflix
Editor ©RapidTVNews | 22-07-2010
Online film service Netflix has posted very strong quarterly figures at the end of its half year on June 30 2010.
Highlights of Q2 include a subscriber of 1,034,000 which compared to an increase of 289,000 for the same period of 2009 and an increase of 1,699,000 for the first quarter of 2010, representing 42% compared with the end of Q209 and 7% from the end of the first quarter of 2010.
The company now has 15.0 million subscribers from 97% of whom the company took $519.8 million in revenue a ramp-up of 27% on a year-over-year basis and 5% sequential growth from $493.7 million taken in the first quarter of 2010. Yet even more impressive was net income of $43.5 million which represented growth of 34% on a year-over-year basis.
“Our rate of subscriber growth continues to accelerate and we added more than a million net new subscribers for the third consecutive quarter,” said Netflix Co-Founder and CEO Reed Hastings. “Consumers are clearly enthralled by our offering of unlimited movies and TV shows streamed over the Internet.
For Q3, Netflix expects to have around 16.5 million subscribers driving revenues of between $546 million to $554 million and profits in ten range of $33–$40 million. By ten end of ten quarter after, it believes it will have 17.7–18.5 million subscribers generating between $580 and $596 million. For the full year Netflix estimates that it will have generated over $2.1 billion in revenues driving a profit of $141–$156 million.
