This excerpt taken from the NFLX 8-K filed Jul 24, 2006.
GAAP Net Income - $16.8 million
LOS GATOS, Calif., July 24, 2006 Netflix, Inc. (Nasdaq: NFLX) today reported results for the second quarter ended June 30, 2006.
In the second quarter, Netflix demonstrated solid progress toward our goals of 20 million subscribers by 2010 to 2012 and 50 percent year-over-year earnings growth for the next several years, said Reed Hastings, Netflix co-founder and chief executive officer.
Our industry-leading customer service and selection attracted new subscribers at an increasing rate and we achieved 62% year-over-year subscriber growth despite a modest seasonal uptick in churn. Our strong performance in the first half of the year demonstrates the power of our business model and positions us to hit our full-year goals for both subscribers and earnings.