Netflix survives disastrous year

ONLINE streaming service Netflix exceeded expectations for 2011 despite its market value crashing by more than two thirds in October as up to a million customers left the service in protest to hiked fees.

While fourth-quarter net income slid 13 per cent to $41m (£26.1m), quarterly revenues were up by a third on the previous year to $876m.

Netflix expects to see a loss of up to $118m in the coming quarter due to its expansion to Latin America and the UK last year.