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The distress with tech stocks7% of Americans subscribe to Netflix Netflix CEO Reed Hastings has presided over a decade of soaring growth at his movie streaming and rental enterprise.
By Julianne Pepitone, staff reporterApril 25, 2011: 7:03 PM ET
NEW YORK (CNNMoney) -- Netflix knocked over a new milestone Monday: It now has more subscribers than the largest cable TV operator in the U.S.
Netflix's universal subscriber found grew nearly 70% over the past annual,wholesale sunglasses, to 23.6 million users. 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, in which the company reported earnings of of $60.2 million, alternatively $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 commerce on light forecasts for the second quarter.
Netflix said it expects earnings of 93 pence to $1.15 a share for the second 15 min, lower than analysts' forecasts.
When you're a mammoth, growth gets harder.
Netflix said in its release that it expects subscriber growth to persist at a fast mow for the repose of the year, but it advised that year-ago comparisons will obtain tougher in the coming quarters.
The release also eminent the emergence of fashionable, competing services Hulu Plus Amazon (AMZN, Fortune 500) Prime.
More content: Netflix is hoping to war additional emulation with more solitary content. Last month, the company announced it had bought its 1st original show: "House of Cards," featuring Kevin Spacey.
"This represents slightly greater creative risk than we've taken in the quondam, merely we muse it's rational given the popularity of the aboriginal BBC show," Netflix said Monday in a "letter to shareholders" released alongside its income report.
Netflix ambition think the buy a success "if 'House of Cards' is fashionable enough aboard Netflix so namely the fee we've paid is in line with that of additional equally popular content on Netflix by the time," Hastings wrote in the letter.
The company said it wishes to "license two or three similar, but smaller deals" in the future.
Netflix has likewise brokered deals with webs and laboratories. In its earnings release, the company acknowledged its recent handle with CBS "includes merely a few on-air shows as yet" -- but it too makes Netflix the only online subscription service to attempt shows from always 4 announce networks.
International concerns: Netflix fired in Canada late final year, and it ended the first quarter of 2011 with approximately 800,000 Canadian subscribers -- lower than the company had forecast.
"We are still learning the seasonality curve and nuances specific to Canada," Netflix said in its release.
The company had previously said it anticipated $50 million in operating losses in the second half of the year for the worldwide sector. Now, it forecasts $50 to $70 million in losses -- "which we are cozy with given the size of the opportunity."
On a post-earnings session call, many analysts' answers revolved approximately the situation in Canada. Hastings shrugged off maximum of the queries, mentioning "it takes time" to develop accurate file and forecast correctly in a new district.
Hastings also said formative apps for Google's (GOOG, Fortune 500) Android operating system is "a huge precedence," but he wouldn't comment further on a timeline.
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