Netflix Doing Fine

Profits at the online movie rental service, Netflix, nearly doubled in the second quarter of 2005. “Emboldened by the second-quarter surprise, Netflix management predicted it will finish this year with a profit of $2.4 million to $11.9 million, a reversal from just three months ago when the company warned it might lose as much as $15 million with Blockbuster hot on its trail… Netflix ended June with 3.2 million subscribers, a 53 percent increase from a year ago. Blockbuster’s online rental service is believed to have between 750,000 and 1 million subscribers.”