Profits soar in Q2 for Netflix, but increased subscribers fall short of earlier projections

LOS GATOS, CALIF. – Netflix said its recent launch of the fourth season of the acclaimed comedy series Arrested Development helped drive up subscriber numbers and revenue for the second quarter. Revenues for the second quarter ended June 30 were at $1.07 billion, up from $889.2 million during the same quarter in 2012. Netflix recorded net profits of $29.5 million, a 478% increase over the $6.2 million reported for the same period a year earlier. In its letter to shareholders Monday, the company reported that the show’s strong brand and fan base contributed to “a small but noticeable bump in...