Netflix (NSDQ: NFLX) has announced Q1 revenue of $326.2 million, a 7 percent increase from $305.3 million in the year-ago period. Net income rose 32 percent to $13.4 million ($.23 per share) from $9.9 million ($.14 per share). The company says it ended the year with 8.2 million total subscribers, an increase of 21 percent from the year-ago period, and 10 percent more than where it ended in 2007. Other metrics that improved, perhaps because of diminished head-on competition from Blockbuster: subscriber acquisitions costs ($29.50, down from $45.60) and churn (3.9 percent, down from 4.4 percent). The company modestly raised its outlook for the year, forecasting revenue of $1.35-$1.39 billion, from $1.345-$1.385 billion. On the outlook, Netflix shares are getting whacked after hours, falling over 13 percent.
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By Joseph Weisenthal