Netflix posts subscriber, profit gains
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Netflix Inc.’s fourth-quarter profit soared past analyst expectations as the online DVD rental service gained 451,000 customers, providing further evidence that the company had regained the upper hand in its bruising battle with rival Blockbuster Inc.
The Los Gatos, Calif.-based company said Wednesday that it earned $15.8 million, or 24 cents a share, for the final three months of 2007, up 6% from $14.9 million, or 21 cents, a year earlier.
Revenue climbed 9% to $302.4 million from $277.2 million a year earlier. Netflix ended December with 7.48 million subscribers, up from 7.03 million in September.
The earnings outstripped the average estimate of 14 cents a share from analysts surveyed by Thomson Financial.
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