Netflix reveals increase in Q2 net income to US$29.5m

23 Jul 20131 Share

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The revival of comedy series Arrested Development helped boost internet TV network Netflix’s second-quarter earnings by attracting more subscribers.

However, Arrested Development’s return after seven years didn’t snare as many subscribers as investors had hoped, resulting in an 8pc drop of the company’s stock to US$241 in extended trading after the company released its financial results yesterday.

Netflix reported an increase in second-quarter net income to US$29.5m, or US$0.49 a share, from US$6.16m, or US$0.11 a share, a year earlier.

Sales rose 20pc to US$1.07bn, up from US$889.2m last year.

Some 630,000 new US subscribers joined Netflix in the three months ending in June, and 610,000 international subscribers joined the network in the same period, leaving the company with a total of 7.75m total customers outside the US.

The company has also added 2.7m subscribers so far this year, reflecting an increase from 2.5m at the same time last year.

The second-quarter gains leave Netflix with 29.8m US subscribers.

The company charges US$7.99 a month for its web service.

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Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com