March 31, 2009 |
Netflix flexed its muscle Monday, saying it would raise prices about 20% for subscribers who rent Blu-ray movie discs. The movie service said the higher rates would allow it to stock more copies of the high-definition discs to keep pace with demand. The rate change, which takes effect April 27, will add $4 to the $17 monthly fee paid by subscribers who rent three movies at a time. Customers who rent standard DVDs will not be affected.
January 27, 2009 |
Netflix Inc.'s fourth-quarter profit climbed 45%, propelled by the widening appeal of its relatively inexpensive DVD rental and Internet streaming service during a budget-crimping recession. The results, along with an optimistic forecast for the current quarter, drove Netflix shares up more than 7% in extended trading. The Los Gatos, Calif., company added 718,000 customers in the final three months of 2008, more than doubling the growth envisioned by management. The surge left Netflix with just under 9.4 million customers through December, a 26% gain from 2007 that suggests more people are looking for ways to entertain themselves at home in the worst recession since the early 1980s.
October 30, 2008 |
Netflix Inc. continues to expand the reach of its "Watch Instantly" video streaming service, striking a deal to make its movie and TV shows available to about 1 million TiVo owners who have high-speed Internet connections. The partnership represents a bit of back to the future for Netflix and TiVo Inc. They originally announced a video-on-demand deal in fall 2004. That earlier agreement unraveled because of a combination of technology and rights issues.
October 21, 2008 |
Netflix Inc.'s third-quarter profit surged 30% amid slowing subscriber growth that's turning into a bigger problem for the online DVD rental leader as the rapidly unraveling economy prods more consumers to clamp down on entertainment expenses. To help boost its revenue, the Los Gatos, Calif.-based company said it would begin charging about 500,000 subscribers $1 more per month to rent high-definition DVDs made for Blu-ray players. The surcharge becomes effective Nov. 5. As the prices of Blu-ray players continue to fall, Netflix is betting that more of its subscribers will buy the high-definition gadgets.
August 15, 2008 |
Netflix Inc.'s DVD queue just got longer -- much longer. The DVD rental service is suffering through its biggest-ever shipping problem. Netflix on Thursday said "severe technical issues" had prevented it from shipping the awaited TV shows and movies to about 2.8 million subscribers, or one-third of its members. Analysts say the Los Gatos, Calif.-based company has built up such a loyal following that few of its subscribers are likely to abandon it if the problem doesn't linger for too long.
July 26, 2008 |
Netflix Inc.'s second-quarter profit crept up 4%, beating analyst expectations as the online DVD rental service signed up 168,000 new customers while spending less money to attract them to the service. The company said Friday that it earned $26.6 million, or 42 cents a share, up from $25.6 million, or 37 cents, in the same quarter a year earlier. The average earnings estimate among analysts surveyed by Thomson Financial was 40 cents a share. Revenue climbed 11% to $337.6 million to match analyst estimates.