Netflix adds over 1 million subscribers in Q2 2012

After a rocky 2011, Netflix seems to be gaining new members to its streaming video service. The company announced today that it has added a total of over 1 million new streaming video subscribers worldwide in the second quarter of 2012.

In the company's press release, Netflix said it added 530,000 new subscribers in the US, along with an additional 560,000 subscribers from its Canadian, UK, Ireland and Latin American markets. Netflix now has just under 24 million subscribers for the US market and a total of 3.62 million subscribers from its international locations.

Revenues came in at $889 million for the second quarter, compared to $789 million for the same period a year ago. Netflix had a profit of $6 million for the quarter, down from profits of $68 million in 2011. However, Netflix returned to profitability in the last quarter following a lost in the first quarter of 2012.

Looking ahead, Netflix says that its growth in the third quarter could be hurt due to the coverage of the Olympic Games. It also expects to expand the company's streaming service to another, as yet unnamed, European market, in the fourth quarter of 2012.

While Netflix sees more competition from cable TV on demand services, it took a shot at the recently announced Redbox Direct by Verizon service, saying that in its opinion that it would " ...  face a big challenge to break into the top 3 of subscription streaming services."

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