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Netflix adds 2 million more subscribers, turns surprise profit

Rumors of Netflix’s (NFLX) unprofitability have been widely exaggerated, as the company on Wednesday reported a profit of $0.13 per share on revenues of $945 million in the fourth quarter of 2012 while also adding 2 million new subscribers. Netflix’s earnings were a pleasant surprise for the subscription-based content distributor, which was expected to post a quarterly loss of $0.12 per share. What’s more, the firm’s 2 million new subscribers represent nearly a ten-fold increase from the fourth quarter of 2011, when it added just 220,000 new subscribers.

Prior to joining BGR as News Editor, Brad Reed spent five years covering the wireless industry for Network World. His first smartphone was a BlackBerry but he has since become a loyal Android user.