Online movie rental company Netflix (Ticker Symbol: NFLX) posted their first quarter earnings today, which was a remarkable 87% rise in profit. Their stock is up 43% percent this year and today it achieved an all-time high of $254.98 per share. Price per share declined in afterhours trading to $245.34 as the company has stated the outlook of the second quarter's earnings may not match those of the first.
Netflix also reported having a global subscriber base of 23.6 million which is up 69% from last year. Netflix's popularity grew when other than just having movies delivered to customers' home by mail they introduced the ability for a user to be able to instantly stream a movie or television show via their PC, PlayStation 3, or X-Box 360. The current price of Netflix's services is very reasonable $8 a month.
If you need any proof of Netflix's outstanding rise in popularity just take a look at the Blockbusters and Hollywood Videos closing across the country. As the option of leaving your house to rent a movie becomes more frowned upon so do companies whose business models are built upon it.
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