Netflix reports higher profit boosted by subscriber numbers
Published 22/04/2014 | 07:13
Movie streamer Netflix has reported higher profit for the quarter that ended in March, boosted by the addition of 2.25 million customers to its movie and TV streaming service in the United States.
Net income for the quarter reached $53m, Netflix said on Monday, an increase from $3 million a year earlier.
Earnings-per-share came in at 86 cents.
Netflix has announced that it is to raise its prices by between $1 (72 cents) and $2 (€1.44) per month, depending on which country its users live in.
The company, which is believed to have at least 175,000 Irish subscribers, did not indicate whether Ireland might be spared the price increase as Irish users were already hit with a €1 increase earlier this year.
"As expected, we saw limited impact from our January price increase for new members in Ireland (from €6.99 to €7.99), which included grandfathering all existing members at €6.99 for two years," said an earnings statement from the company tonight. "In the US we have greatly improved our content selection since we introduced our streaming plan in 2010 at $7.99 per month. Our current view is to do a one or two dollar increase, depending on the country, later this quarter for new members only. Existing members would stay at current pricing (eg $7.99 in the US) for a generous time period."
The company said that the price increases were being implemented to "enable us to acquire more content and deliver an even better streaming experience".