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Netflix Q1 profit rises, 1.7m more subs

April 23, 2010

Netflix’s first-quarter income rose 44 per cent as the movie subscription service added 1.7 million more customers.

The service has picked up more than 5 million subscribers in the past 18 months as more households are embracing Netflix’s DVD-by-mail and Internet video packages. Netflix ended March with nearly 14 million subscribers and expects to add at least 700,000 more by July.

The company earned $32 million in the first three months of the year. Revenue climbed 25 per cent to nearly $494 million.

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