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Netflix posts lower 1Q loss than Street expected
Ended March with 26.5M Internet video subscribers
Updated: Tuesday, 24 Apr 2012, 7:16 AM EDT
Published : Tuesday, 24 Apr 2012, 7:16 AM EDT
SAN FRANCISCO (AP) — Netflix says it suffered its first quarterly loss in seven years as the video subscription service dealt with rising licensing fees and the bill for an international expansion.
The first-quarter setback announced Monday was far smaller than investors expected.
In another encouraging sign, the company's subscriber growth accelerated during the first three months of the year. That provided further evidence that Netflix Inc. is recovering from a U.S. customer backlash triggered by a sharp price increases last summer.
The company ended March with 26.5 million Internet video subscribers.
Netflix Inc. lost $4.6 million, or 8 cents per share, during the quarter. That compared with net income of $60 million, or $1.11 per share, at the same time last year.
Revenue climbed 21 percent from last year to $870 million.
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