Netflix 2Q net nearly doubles

SAN FRANCISCO (MarketWatch) -- Online DVD rental firm Netflix Inc. said after the market closed that its second-quarter profit nearly doubled on increased subscriptions to its service. Netflix said it earned $5.7 million, or 9 cents a share, compared to a profit of $2.9 million, or 4 cents a share, in the same period last year. Excluding stock-based compensation expense, Netflix would have earned $9.1 million, or 14 cents a share, in the latest period. Revenue rose 37% to $164.5 million. Analysts polled by Thomson First Call were expecting a profit of 1 cent a share on $163.5 million in revenue. Subscribers rose 53% to 3.196 million, in line with the company's forecast. Churn declined to 4.7% from 5.6%, and subscriber acquisition cost declined to $37.25 per gross subscriber addition, vs. $35.12 in the same quarter last year.