Technology

Netflix reports $8 million profit in fourth quarter

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MUMBAI: OTT service Netflix surprised Wall Street by reporting a fourth quarter profit of $8 million. As a result the stock jumped by over 30 per cent.

Netflix CEO Reed Hastings said, "Our holiday season was particularly strong, driven by consumers buying new electronic devices, including tablets and smart TVs. We added nearly 10 million global streaming members in 2012; we grew to over 33 million global streaming members; (and) we generated profits for the year 2012, despite large international investments establishing Netflix in 40 countries around the world."

"When it comes to competition, we not only have a superior content offering due to our larger budget, but we are further along the experience curve when it comes to improving our user interface and delivering great quality streaming".

The company reported revenues of $945 million, a rise of eight per cent from the same period in 2011. For the future, the company expects to add 1.7 million new members during the first quarter of 2013. But it also expects relatively flat net income for the quarter due to declining DVD profits and increased operating costs globally.

Netflix continues to lose money internationally. During the quarter, Netflix grew to more than six million international members. But the gains in the US more than offset the declines of the DVD unit and international losses.

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