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Netflix sees large Q2 profit jump

27 July 2009 0:45 by Andre "DVDBack23" Yoskowitz

Netflix sees large Q2 profit jump According to their latest filing, Netflix, the US' largest movie rental service, saw a profit jump of 22 percent in the Q2, despite seeing lower then expected revenue.

Net profit was $32.4 million USD on revenue of $408.5 million USD. Revenue was $1 million less than expected by analysts. Notably, the company increased subscriber total to 10.6 million, a 26 percent jump year-on-year.

“We're on track for a record 2009,” said Netflix CEO Reed Hastings during a conference call. "Consumers are responding strongly to the Netflix proposition."

The proposition has been expanding of late, with the company putting serious money behind its streaming service, which now has over 12,000 titles to choose from including TV shows. Netflix has also struck deals with Sony, LG, and Samsung to bring the service to Internet-connected devices such as HDTVs and Blu-ray players.

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