Netflix Inc., the online DVD rental service, reported a net loss of $5.8 million for the first-quarter, compared with a loss of $2.4 million last year, according to wire service reports.
Management attributed this to higher marketing costs. The Los Gatos, CA firm reported revenue of $100.4 million for the quarter ended March 31, up 80% to from $55.7 million last year.
Netflix said it would boost its basic subscription price by $2 per month to $21.95 from $19.95, its first fee increase in four years. Company officials also outlined plans to offer a bigger and broader selection of DVD titles for rent.
CEO Reed Hastings said better service would boost subscriptions and reduce cancellations, even at the higher price.
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