Netflix revenue lags Street expectations

Netflix Inc's second-quarter revenue missed Wall Street's expectations as many new subscribers signed up for lower-priced plans that offer unlimited streaming, and the company's shares fell more than 9 percent after hours.

While revenue fell short of forecasts, the Web video subscription service's earnings jumped 34 percent on improved margins as customers opted to stream movies and TV shows rather than order discs via mail, helping to drive down costs.

But the rate of subscriber growth also disappointed some. Netflix ended the quarter with 15 million subscribers, up 42 percent from 10.6 million a year ago. The quarterly total was at the top of Netflix's own projected range for the quarter, but analysts had hoped it would blow past it.

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- Posted: 2010-07-21 20:43:58

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