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Netflix gains subscribers, posts fourth-quarter profit

updated 09:10 pm EST, Wed January 23, 2013

Increase in international customers brings added expense

Just before Apple's blockbuster results, media streaming company Netflix announced a modest profit for the fourth quarter of 2012. The company reported $945 million in revenue, which generated $8 million in profit. Additionally, 27 million streaming subscribers were added in the US, more than two million than the previous quarter.

Netflix's overseas prognosis remains poor. The company reports having added two million new customers, but expects to continue to lose money in that segment. Overall, the company exceeded both Wall Street's estimates, as well as its own.

Regarding Carl Icahn's purchase of stock in 2012, possibly to take over the company, the quarterly report claimed that the company has "no further news about his intentions, but [has] had constructive conversations with him about building a more valuable company." Icahn's stake in the company has more than doubled in value since the purchase, to nearly $700 million dollars.

First quarter estimates were provided, with the company expecting similar results. Results are expected to be in the range of zero to $14 million profit, but not expecting a loss.

by MacNN Staff





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