Surprise! Online television is billion-dollar biz
Amazon takes on Netflix with free immediate streaming
The distress with tech stocks7% of Americans subscribe to Netflix Netflix CEO Reed Hastings has chaired over a ten-year of soaring growth at his video flowing and rental company.
By Julianne Pepitone, staff reporterApril 25, 2011: 7:03 PM ET
NEW YORK (CNNMoney) -- Netflix knocked over a new landmark Monday: It now has more subscribers than the largest cable TV operator in the U.S.
Netflix's global subscriber base grew almost 70% over the past year, to 23.6 million consumers. With that crowd, it dethroned Comcast (CMCSA, Fortune 500) as the country's biggest provider of subscription video content. More than 7% of Americans immediately subscribe to Netflix.
Those details came out Monday in Netflix's (NFLX) first-quarter report,
wholesale oakley sunglasses, in which the company reported earnings of of $60.2 million, or $1.11 a share. That's up from $32 million, or 59 cents a share, a year ago.
Revenue rose 46% to $719 million. Both figures topped Wall Street estimates, but shares fell 2.5% in after-hours trade on light forecasts for the second quarter.
Netflix said it expects earnings of 93 cents to $1.15 a share for the second quarter,
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When you're a immense, growth gets harder.
Netflix said in its release that it expects subscriber growth to persist at a fast clip for the rest of the year, but it warned that year-ago comparisons will obtain tougher in the coming quarters.
The release too noted the emergence of new, competing services Hulu Plus Amazon (AMZN, Fortune 500) Prime.
More content: Netflix is hoping to battle additional rivalry with more unique content. Last month,
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"This represents slightly greater ingenious hazard than we've taken in the past, but we meditation it's reasonable given the popularity of the aboriginal BBC show," Netflix said Monday in a "letter to shareholders" released aside its earnings report.
Netflix will consider the purchase a success "if 'House of Cards' is popular enough ashore Netflix so that the fare we've paid is in line with namely of other equally popular content aboard Netflix by the period," Hastings wrote in the letter.
The company said it wishes to "copyright 2 alternatively 3 alike, but smaller deals" in the hereafter.
Netflix has also brokered deals with webs and studios. In its earnings release, the company admitted its recent deal with CBS "includes only a few on-air shows as yet" -- but it also makes Netflix the only online subscription service to attempt shows from always four broadcast webs.
International concerns: Netflix fired in Canada late final year, and it ended the 1st quarter of 2011 with approximately 800,000 Canadian subscribers -- lower than the company had forecast.
"We are still studying the seasonality curve and nuances characteristic to Canada," Netflix said in its release.
The enterprise had previously said it anticipated $50 million in operating losses in the second half of the year for the multinational sector. Now, it forecasts $50 to $70 million in losses -- "which we are comfortable with given the size of the chance."
On a post-earnings session call, many analysts' answers revolved around the situation in Canada. Hastings shrugged off maximum of the queries, mentioning "it takes time" to develop accurate data and forecast correctly in a new zone.
Hastings also said formative apps for Google's (GOOG, Fortune 500) Android operating system is "a big priority,
oakley sunglasses discount," but he wouldn't comment beyond on a timeline.
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