Online video service Netflix reports $71mln Q2 profitsJuly 22, 2014 - 14:17 AMT PanARMENIAN.Net - Online video service Netflix reported profits of $71mln in the second quarter, more than double compared with the same period a year ago. According to BBC News, the company said revenue from its streaming content service rose nearly 50% to $1.2bn, compared to $837m a year earlier. Netflix said it added 1.69 million users during the period from March to June. The streaming video firm now has 50 million users in over 40 countries. Netflix has sought to upend the television industry by commissioning original content for its streaming-video platform and taking on established brands like HBO. Viewers have reacted positively to shows like House of Cards and Orange is the New Black. Last year, the company's original programming was nominated for 14 Emmy TV awards, winning three, and this year its programming garnered a record 31 nominations. However, the company has recently suffered some setbacks in the U.S., as it has battled with internet service providers (ISPs) such as Verizon over who must pay for the increasing pressure that streaming video puts on download speeds, the BBC says. Netflix chief executive Reed Hastings has been a vocal opponent of Comcast's proposed $45bn purchase of Time Warner Cable, fearing it would lead to too much consolidation in the industry. In a letter to shareholders announcing the earnings, Mr Hastings wrote, "Our focus on strong net neutrality, including interconnection, is about preventing large ISPs from holding our joint customers hostage with poor performance to extract payments from us." Shares in Netflix - which are already up 22% for the year - rose nearly 2% in trading after US stock markets had closed. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |