Netflix continues to add subscribers at a breakneck speed — it's now the largest subscription entertainment business in the US, beating Comcast. (*Note: Comcast is the parent company of CNBC and NBC Universal)
The company added 3.3 million subscribers in the US and another 300,000 in Canada, putting its total at 23.6 million. The company's growth continues to accelerate — it added nearly double the number of new subscribers than a year ago.
Thanks to these new subscribers the video streaming and DVD rental company nearly doubled its earnings — reporting $1.11 per share, up from just 59 cents a year ago. And global revenue came in at $719 million, up from just $494 million in last year's Q1.
So why did the stock fall after hours?