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Netflix’s 2Q earnings up 35 pct, topping estimates

- Associated Press - Wednesday, July 21, 2010

LOS GATOS, CALIF. (AP) - Video-subscription service Netflix added another million customers during the spring to propel its second-quarter earnings past analyst estimates.

The results released Wednesday are the latest evidence of Netflix's growing popularity as more households embrace its combination of DVD mail deliveries and video delivered over high-speed Internet connections. The most popular subscription packages cost $9 to $17 per month.

Netflix Inc. ended June with 15 million subscribers, up from 14 million in March and 10.6 million a year ago.

The company's second-quarter net income rose 35 percent to $43.5 million. That translated into 80 cents per share, 10 cents above analyst projections.

Revenue increased 27 percent to $520 million.

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