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NET FLIX Free Resources
Richard N. Barton, presi...
Richard N. Barton, president and CEO of Expedia, Inc., and Mike Ramsey, CEO of Tivo, are both active members of the Netflix's board of directors.
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Netflix Raises Outlook on Q1 Revenue Surge
(April 30, 2003) Los Gatos, CA -- Online DVD renter Netflix reported an 82 percent increase in first quarter revenues last month, boosting its 2003 outlook on the strength of its service's ever-growing popularity.
The company, which is publicly traded on Nasdaq, posted a first-quarter loss of $4.5 million, on revenue of $55.7 million, compared with the same loss figure on revenue of $30.5 million in its 2002 first quarter.
With 417,000 new trial subscribers during the quarter, the company now touts a base of 1.05 million total subscribers, who pay about a $20 a month for the service. Netflix expects the base to total between 1.11 million and 1.16 million by the end of its second quarter this year.
The company also experienced a lower churn rate (trial or paid subscribers not renewing their membership), of 5.8 percent in the quarter, from 7.2 percent last year.
Raising its 2003 revenue outlook by some $20 million from its January projections, Netflix now forecasts annual sales between $255 million and $275 million.
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