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The Los Gatos, California-based company reported net income for the first quarter of $22.4 million or $0.37 per share, up from $13.3 million or $0.21 per share for the first quarter of 2008.
On a non-GAAP basis, net income for the quarter rose to $24.2 million or $0.40 per share from $15.2 million or $0.23 per share for the same quarter of 2008.
On average, analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the first quarter was $394.1 million, up 21% from $326.2 million in the prior-year quarter. Eighteen analysts had a revenue consensus of $390.90 million for the first quarter.
The company had projected earnings in the range of $15 million to $20 million or $0.25 to $0.33 per share on revenue of $387 million - $393 million for the first quarter of 2009.
Netflix ended the first quarter of 2009 with about 10.31 million total subscribers, representing 25% year-over-year growth from 8.24 million total subscribers at the end of the first quarter of 2008. Net subscriber change in the quarter was an increase of 920,000 compared to an increase of 764,000 for the same period of 2008.
Gross margin for the first quarter was 34.2%, compared to 31.7% recorded in the same quarter a year ago. Operating income was $36.47 million, compared to $15.31 million in the comparable quarter last year.
Looking ahead to the second quarter of 2009, the company expects revenues to be in the range of $403 million - $409 million and GAAP net income to be in the range of $27 million- $32 million or $0.44 - $0.53 per share.
Analysts currently expect the company to report earnings of $0.47 per share on revenues of $407.67 million for the second quarter.
For fiscal 2009, the company raised its revenue outlook to a range of $1.63 billion to $1.67 billion, from the prior outlook of $1.58 billion - $1.635 billion.
The company also raised its fiscal 2009 GAAP net income outlook to a range of $96 million - $106 million, from the earlier outlook of $88 million - $98 million. For 2009, GAAP earnings are now expected to be in the range of $1.56 - $1.72 per share, compared to prior outlook of $1.43 to $1.59 per share.
Analysts currently expect the company to report earnings of $1.60 per share on revenues of $1.64 billion for fiscal 2009.
NFLX closed Thursday's regular trading at $45.32, down $ 0.56 or 1.22%, on a volume of 3.46 million shares. In after-hours trading, the stock lost $2.12% or 4.68%, to trade at $43.20.
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