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Netflix announces healthy financials, doubling up profit

Netflix has announced its Q2 financials (the quarter running up to the end of June), with some robust results including a doubling of its profit.

The streaming video service has seen strong growth in terms of US and international users, with 570,000 new customers Stateside and 1.12 million internationally (it didn't state how many in the UK). In total, Netflix has now passed the 50 million user milestone.

Profit rose to $71 million (£41 million), which was up from $29.5 million (£17 million) year-on-year, representing an increase of 240 per cent. Revenue hit $1.34 billion (£780 million), which was up 25 per cent from $1.07 billion (£630 million), and that was in line with analyst forecasts.

So, those are some pretty impressive figures, particularly given the price hikes back in May, which saw $1, £1 and €1 added to subscription prices across the board. That increase doesn't appear to have dampened enthusiasm for the streaming service in any way, shape or form.

Netflix is also apparently contemplating expansion into China. According to Reuters, David Wells, Netflix's CFO, said in a conference call with analysts: "It's conspicuously large, and it's conspicuously a growing and very strong economy. Look for the future in terms of an answer from us in China."

Previously mentioned plans to expand into six more Euro nations – namely Germany, France, Austria, Switzerland, Belgium and Luxembourg – were confirmed as happening with a target date of September. So viewer numbers are expected to further expand considerably with that raft of expansion. Netflix currently serves over 40 countries across the globe.

Note that if you're after a new phone and want to give Netflix a whirl, Vodafone is currently offering a free six month subscription to the streaming service for those who pick up a Red 4G contract.