Netflix sees strong growth

 

 

Netflix today reported results for the fourth quarter and year ended December 31, 2007.

"We achieved strong results in 2007 -- ending subscribers up 18 percent, revenue up 21 percent and net income up 36 percent -- despite facing tough competition for much of the year and investing strategically in our online video initiatives," said Reed Hastings, Netflix co-founder and chief executive officer.

"The emergence of a bundled service that enables our subscribers to receive DVDs through the mail fast and movies and TV episodes over the Internet instantly, positions us to achieve solid growth in 2008 and over the long term."

Revenue for the fourth quarter of 2007 was $302.4 million, representing 9 percent year-over-year growth from $277.2 million for the fourth quarter of 2006, and 3 percent sequential increase from $294.0 million for the third quarter of 2007. Revenue for fiscal 2007 was $1.205 billion, up 21 percent from $996.7 million for fiscal 2006.

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