Andre Yoskowitz
26 Jan 2011 18:10
Netflix has reported their quarterly earnings this afternoon, surpassing all analyst expectations. The company's stock has jumped 16 points (9 percent) since the report.
The company says it has surpassed 20 million subscribers, a number that even surprised CEO Reed Hastings and other top management execs.
Income for the quarter increased 52 percent year-on-year to $47 million, and revenue jumped 34 percent to $596 million.
By adding 3.1 million subscribers and breaking 20 million, Netflix is now the second largest media subscription business in the U.S., just 3 million behind massive ISP/Cable provider Comcast.
Wrote CEO Reed Hastings (via THR):
Our huge subscriber growth, fueled by the excitement of watching instantly, impressed even us.
More subscriber growth enables us to spend more on streaming content, making the Netflix service even better in 2011.