Netflix Adds 3.6 Million Customers; Earnings Soar

LOS GATOS (CBS/AP) – Netflix said its first-quarter earnings nearly doubled as its video subscription services added another 3.6 million customers.

The results announced Monday are the latest sign of Netflix Inc.’s growing clout in home and mobile entertainment.

The company ended March with 23.6 million subscribers in the U.S. and Canada, up from 20 million at the end of 2010.

Netflix charges $8 per month to stream movies and TV shows over high-speed Internet connections. Most customers pay a little more per month so they can also rent DVDS delivered through the mail.

The formula earned Netflix $60 million, or $1.11 per share, during the first quarter. That was up from $32 million, or 59 cents per share last year.

Revenue totaled $719 million, up 46 percent from $494 million.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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