CANADIAN ADMITS SELLING EMAIL TO MPAA
Tuesday, October 23 2007
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Shares of online video renter Netflix jumped 13 percent in after-hours trading Monday after the company reported earnings of $15.7 million in its third quarter, up 23 percent from the $12.8 million it reported during the same period a year ago. The rise was attributed to the company's decision to lower prices on its most popular subscription plans by $1 per month. The tactic brought 286,000 new customers into Netflix's fold, bringing its total to 7.03 million subscribers, compared to 5.7 million at the end of the third quarter of 2006. The figure is nearly twice the number reported by Blockbuster, which said in June that it had signed up 3.6 million online subscribers. In a statement, Netflix CEO Reed Hastings said, "Going forward we will remain focused on making our core service even better and growing our online DVD rental business, while continuing to invest in our internet delivery initiatives."
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