Online video service Netflix reports $71mln Q2 profitsJuly 22, 2014 - 14:17 AMT PanARMENIAN.Net - Online video service Netflix reported profits of $71mln in the second quarter, more than double compared with the same period a year ago. According to BBC News, the company said revenue from its streaming content service rose nearly 50% to $1.2bn, compared to $837m a year earlier. Netflix said it added 1.69 million users during the period from March to June. The streaming video firm now has 50 million users in over 40 countries. Netflix has sought to upend the television industry by commissioning original content for its streaming-video platform and taking on established brands like HBO. Viewers have reacted positively to shows like House of Cards and Orange is the New Black. Last year, the company's original programming was nominated for 14 Emmy TV awards, winning three, and this year its programming garnered a record 31 nominations. However, the company has recently suffered some setbacks in the U.S., as it has battled with internet service providers (ISPs) such as Verizon over who must pay for the increasing pressure that streaming video puts on download speeds, the BBC says. Netflix chief executive Reed Hastings has been a vocal opponent of Comcast's proposed $45bn purchase of Time Warner Cable, fearing it would lead to too much consolidation in the industry. In a letter to shareholders announcing the earnings, Mr Hastings wrote, "Our focus on strong net neutrality, including interconnection, is about preventing large ISPs from holding our joint customers hostage with poor performance to extract payments from us." Shares in Netflix - which are already up 22% for the year - rose nearly 2% in trading after US stock markets had closed. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |