Netflix now America's biggest video service provider
April 25th, 2011
09:41 PM ET

Netflix now America's biggest video service provider

Some highlights from the day's business news:

7% of Americans subscribe to Netflix

Netflix knocked over a new milestone Monday: It now has more subscribers than the largest cable TV operator in the U.S.

Netflix's global subscriber base grew almost 70% over the past year, to 23.6 million users. With that audience, it dethroned Comcast as the country's biggest provider of subscription video content. More than 7% of Americans now subscribe to Netflix.

Those details came out Monday in Netflix's first-quarter report, in which the company reported earnings of of $60.2 million, or $1.11 a share. That's up from $32 million, or 59 cents a share, a year ago.

Revenue rose 46% to $719 million. Both figures topped Wall Street estimates, but shares fell 2.5% in after-hours trade on light forecasts for the second quarter.

Stocks end mixed amid investor caution

U.S. stocks ended mixed Monday, with technology shares rising modestly, amid a pause in the flow of corporate results and ahead of a statement from the Federal Reserve later this week.

In the commodities market, gold and silver prices held gains but closed off session highs. Oil held near $112 a barrel.

The Dow Jones industrial average fell 26 points, or 0.2%, to 12,479. The S&P 500 slipped 2 points, or 0.1%, to 1,335. But the Nasdaq Composite bucked the trend, rising nearly 6 points, or 0.2%, to 2,825.

Stocks retreated after the Dow ended last week near a 3-year high on a batch of strong corporate earnings.

- CNNMoney.com reporters Julianne Pepitone and Ben Rooney contributed to this report.

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Filed under: Business • Economy
soundoff (42 Responses)
  1. The Dude

    Gee troll you really know how to suck the life out of a blog.

    April 25, 2011 at 11:40 pm | Report abuse |
  2. Harvey Weinstein

    Mazeltov..! ahh how bout that Mel Gibson?

    April 25, 2011 at 11:44 pm | Report abuse |
  3. Hmmmmmmmmm

    @Jeff Frank,

    Don't worry about gas prices going up. We just found an infinite supply gas, and it's all coming out Mmmmmmmm's big fat azzzzzzzzzz!

    April 26, 2011 at 12:55 am | Report abuse |
    • Mmmmm

      Why Hmmmmmmmmmmmmmmmm,
      a perpetual moron whose infinite wisdom never rises above a plummer's crack, thank yoo!

      April 26, 2011 at 10:18 am | Report abuse |
  4. banasy

    For the lowest prices on movies, (free) visit your local library. We get ours a week before Netflix, Redbox, or any other mainstream movie rental outlets.

    April 26, 2011 at 8:45 am | Report abuse |
    • Joey P

      But that involves going out into public, banasy!

      April 26, 2011 at 9:07 am | Report abuse |
  5. Mad Hatter

    Thanks banasy.

    April 26, 2011 at 9:06 am | Report abuse |
  6. Joey P

    We haven't purchased a DVD/Bluray in years. If it was up to me I would drop satellite all together and simply stream movies!

    April 26, 2011 at 9:06 am | Report abuse |
  7. Outsider

    Don't have money for a lot of this stuff. banasy's comment is a good suggestion.
    Just recently converted Mac guy from Windows world. You can get a Apple TV box (really small piece – $99.00) and connect to tv monitor and stream movies really easy. I guess you still need the Netfix acct. etc. But, Joey's right, internet streaming is here and will eventually be defacto for the future.

    April 26, 2011 at 9:24 am | Report abuse |
  8. Jeff Frank - (R-Ohio)

    Hats off to the FCC, for helping the public with "free tv", with the converter box program certificates. Netflix is a fun alternative, as opposed with the high strung (you have to have good credit)(starting from the low $ for *first 12 months) satellite and cable gimmicks. That kind of thing millions give into constantly, why I don't know. I wish there were some way to help local tv stations with higher output digital signals, or allow them to have repeater sites.

    April 26, 2011 at 9:27 am | Report abuse |
  9. Cesar

    @Fake Cesar of 9:53: Shut up stupid.

    April 26, 2011 at 9:28 am | Report abuse |
  10. Outsider

    Cesar, relax, it's not worth the energy. It's totally obvious that the @9:53 is a low-life troll. This place is infested with them.

    April 26, 2011 at 10:46 am | Report abuse |
  11. Pool Service Miami

    I personally use netflix and I have to say it is great. I can see how they are now the biggest provider, it is because the people behind this company are geniuses and simplified the wheel even further instead of inventing it. Wish I would have though about the netflix idea first. 🙂
    Great Article.
    Sincerely,
    Pool Service Miami

    April 26, 2011 at 11:30 am | Report abuse |
  12. The Dude

    Please God bring me home! I'm tired of being in a ta-rd sandwich everyday! There really is no entertainment value here, nor will I ever submit to any false prophets like jesus, muhammad, buddha, or any other man. The devil has failed in his quest to turn me, so may I go now please? Too many morons to deal with for another 60 years 🙁

    April 26, 2011 at 1:24 pm | Report abuse |
  13. Outsider (Jorma)

    @The Dude,

    Dude, this whole place is classic entertainment. That's one main reason to be here. The religious fanatics, lunatic left/right/middle/chicken wingers, highjacking name trolls etc. etc. As, I noted elsewhere, it's a surreal sandbox full of idiot misfits (or something like that). Stay around Dude, we need you, Walter and Donny around. And if it still gets to much just tell Walter to tell Donny to "Shut the F"' Up, Donny!". 😉

    April 26, 2011 at 1:39 pm | Report abuse |
  14. Mad Hatter

    Well said.

    April 26, 2011 at 1:46 pm | Report abuse |
  15. banasy

    Well, I do know that AT&T are going to started charging a fee if the data usage goes over a certain point...and the company said that it would mostly affect those who stream movies. I'm now really sure about what they0are going to charge, but it is a consideration. It sounds to me like they are targeting the people who steam 24/7, but I'm not sure, as I don't stream movies. I DO know that some of our smaller video stores have bit the dust, and we're going to be building a new library across from a Family Video, and they are not pleased. Although we only get two or three copies of the new releases, so it wouldn't cut into their bottom line too much.

    April 26, 2011 at 1:53 pm | Report abuse |
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