Netflix's 2Q earnings fall 91 percent as growth slows

xnf_20110713085109_JPG


Photographer: AP Graphics Bank
Copyright Associated Press

advertisement

Posted: 07/25/2012

 

SAN FRANCISCO (AP) -- Netflix says its second-quarter earnings plunged 91 percent amid a slowdown in subscriber growth.
 
The financial deterioration reported Tuesday follows a rare loss for Netflix during the opening three months of the year.
 
In the latest quarter, Netflix Inc. added 1.1 million worldwide subscribers to its service that streams unlimited video over TVs and other Internet-connected devices for $8 per month.
 
The second-quarter subscriber gains were in line with management predictions, but analysts had hoped for more. They were well below the nearly 2 million customers picked up at the same time last year.
 
Netflix earned $6.2 million, or 11 cents per share, in the quarter. That compared with $68 million, or $1.26 per share, a year ago.
 
Revenue rose 13 percent to $889 million to match analyst estimates.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Comments

Featured Stories


  1. Latest mugshots: Palm Beach County

    Latest mugshots: Palm Beach County

    Click here to see the latest mugshots in Palm Beach County

    • Latest mugshots: St. Lucie County

      Latest mugshots: St. Lucie County

      Click here to see the latest mugshots in St. Lucie County.

      • Oklahoma tornado damage: Full coverage

        Oklahoma tornado damage: Full coverage

        Get the latest updates, photos and video from the devastation in Moore, Okla. Also, see how to help.

        Advertisement
        • What's Trending Now...
         

        Latest Money Headlines