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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
MARK HAINES, CNBC ANCHOR: Netflix surging. The company posted surprising second-quarter results. Second-quarter EPS came in at an adjusted 14 cents per share, compared to 11 cents a share in the year-ago period. That beat Wall Street estimates, which were 1 cent. Net income up 96 percent to $5.7 million. Revenue up 28 percent, to $154 million. Joining us live, "First on CNBC," Reed Hastings, chairman and CEO of Netflix.
Good morning, sir.
REED HASTINGS, CHMN., PRES. & CEO, NETFLIX: Good morning.
HAINES: What powered this result?
HASTINGS: Well, we`ve got an incredible consumer service. We were rated number one in all of Internet retail, in terms of customer satisfaction. More and more customers are coming to us. And the total online market is growing very rapidly. It grew from 2.1 million subscribers a year ago, to 4.2 million. So it`s doubling right now, the online rental market. And we`re the leader, 70 percent market share.
HAINES: Are you spending a lot to gain customers? Because back of the envelope here, you netted $5...
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