Netflix U.S. streaming business grows, plans price hike

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    Technology News

    The Netflix logo is is shown on an ipad in Encinitas, CaliforniaVideo streaming service Netflix Inc reported higher profit that beat Wall Street expectations and said it intends to raise the monthly subscription price for new customers, sending its stock up 6.5 percent in after-hours trading. Net income for the quarter that ended in March reached $53 million, Netflix said on Monday, an increase from $3 million a year earlier. Earnings-per-share came in at 86 cents, topping the average forecast of 83 cents, according to analysts surveyed by Thomson Reuters I/B/E/S. Netflix said it added 2.25 million customers to its U.S. streaming business during the quarter, in line with the company's earlier guidance. At the end of March, Netflix reported 35.7 million U.S. streaming subscribers.

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