Netflix posts their highest first-quarter profit

Movie rental company Netflix has come out with their latest revenue reports and the company has posted their highest first-quarter profit in its 8-year history.

The company however failed to impress the investors as they believe that Netflix is struggling to attract new customers and retain their existing ones.

Netflix is also facing intense competition from their closest rivals in this market Blockbuster. The company management has also warned that they might continue to be upstaged by Blockbuster through the remainder of the year.

The company posted first-quarter profit of $9.9 million, or 14 cents per share. This is a much improved performance compared to figures of $4.4 million, or 7 cents per share, at the same time last year. Their revenues were up at $305.3 million.

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