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Each day, headlines are screaming about plunging profits and frightening layoffs. However, Netflix seems to be actually making money and has experienced a major period of growth during the company’s fourth quarter. Profits rose 45 percent, a fact that the company attributes to their new streaming video feature, which allows viewers to instantly watch movies over their computer. The company also offers low cost subscription plans that allow you to access their extensive library of DVDs.
The movie rental service boasts a client base of over 9 million subscribers and if their growth continues at the same rates, they should obtain over 11 million subscribers by year’s end. Cancellations did go up slightly as well; they jumped from 4.1 percent to 4.2 percent.
The news of the company’s growth caused their stock to jump 7.4 percent to $32.38. Netflix also announced that they would be starting a $175 million stock buyback program this year.
Read [CNET]
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