Netflix posts $1.02bn earnings in Q1

PanARMENIAN.Net - Netflix has reported earnings of $1.02bn (£668.4 million) in the first three months of 2013, Digital Spy said.

The on-demand streaming service matched industry estimates of around $1bn with its first quarter 2013 results, which were revealed on Monday (April 22).

Netflix also added 2.03 million new US subscribers between January and March - slightly less than the 2.05 million increase reported in Q4 2012, but up year-on-year on 1.74 million from the corresponding quarter in 2012.

A further 1 million new customers signed up for the service outside of the US, taking international subscriber figures to 7.1 million.

"Long term, we believe the value of our original series in driving acquisition and retention improvements will be borne out as we add more seasons of already popular shows like House of Cards and further series," Netflix chief executive Reed Hastings said in a letter to shareholders.

"Harry Potter was not a phenomenon in book one, compared to later books in the series."

Netflix has heavily invested in original programming in the last 12 months, exclusively broadcasting Kevin Spacey's updated take on 1990s BBC political thriller House of Cards.

It also has exclusive rights to the forthcoming new season of Arrested Development, and recently announced original horror series Hemlock Grove.