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Netflix earns $29 million on $1.07 billion revenue, disappoints street

updated 07:28 pm EDT, Mon July 22, 2013

Low subscriber uptick causes after-hours stock fall

Netflix reported quarterly earnings earlier today, claiming revenue of $1.07 billion, with the addition of 630,000 new streaming subscribers, in a quarter where it was expected to do very well by Wall Street. Net income was $29 million, with $0.51 per share earned. This quarter's earnings eclipsed the year-ago quarter in every respect.

The streamer gives credit to new episodes of Arrested Development, saying that the show "already had a strong brand and fan base, generating a small but noticeable bump in membership when we released it."

Affecting the bottom line of the company, Netflix noted that it allowed its wide content deal with MTV Networks to expire, but the loss was offset somewhat by addition of content from The Cartoon Network and Hub for Kids.

The company points to the next quarter adding the Ricky Gervais series Derek, and season two of Lilyhammer. Next year, Netflix is adding season two of House of Cards, Hemlock Grove, and Orange is the New Black, and debut Sense 8, and multiple kids original shows from DreamWorks Animation.




by MacNN Staff

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