Netflix Now Officially Has More Subscribers Than Comcast

Those days of watching hours of Netflix together may soon end.

Netflix continued to post impressive quarterly financial numbers, ending the first quarter 2011 as the largest subscription video service in North America.

In the first quarter, Netflix added 3.6 million subscribers, ending the period with more than 23.6 million subscribers in total. That was up 69 percent from the 14 million subscribers it had a year ago. To put that in context: Comcast ended 2010 with 22.8 million pay TV subscribers. While it’s always possible the cable company could report subscriber additions in the first quarter, it’s unlikely to do so, given its declines over the last several quarters.

Most of Netflix’s customer additions came in the U.S., where it added 3.3 million new users to end at 22.8 million subscribers. Internationally, Netflix added an additional 290,000 subs, to bring total international users to 800,000.

Netflix’s revenue for the quarter came in at $719 million, which was 46 percent higher than the prior year’s first-quarter sales of $494 million. The company recorded net income of $1.11 cents a share, compared to 59 cents a share in the year-ago quarter and 87 cents a share in the fourth quarter of last year.

Netflix forecast 24 million to 24.8 million subscribers in the U.S., and expects to have between 900,000 and 1.05 million international subs, by the end of the second quarter. The company expects domestic revenues between $762 million and $778 million, and international revenues between $16 million and $20 million. Total net income is forecast between $50 million and $62 million, or 93 cents to $1.15 per share.

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