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Credit: Reuters/Enrique Marcarian By Lisa Richwine LOS ANGELES | Wed Jan 25, 2012 9:23pm EST LOS ANGELES (Reuters) - Netflix Inc signed up more U.S. subscribers than expected in the fourth quarter, reversing a wave of defections triggered by a series of high-profile missteps last year and pushing its shares up 13 percent. That return to customer growth reassured Wall Street that the video rental company, which outraged customers with a surprise price hike and a botched attempt to split off its DVD-mail service in 2011, was holding its own despite stiffening competition. CEO Reed Hastings, who grew the company into a major disruptive force within the traditional media industry, shrugged off competition from Amazon.com Inc and Hulu Plus in a letter to shareholders on Wednesday, saying both services offered far less content. Hastings said he expected Amazon.com to establish a separate paid-streaming service similar to Netflix's, but cheaper. Still, he stressed that Amazon now had less than 10 percent of Netflix's total viewing hours. The company's most formidable competition would be cable networks going mobile, or so-called "TV Everywhere," he said. "Every major network is investing in their Internet application, on tablets, smart TVs, phones, game consoles, and laptops," Hastings said. Netflix added 610,000 net new subscribers in its home U.S. market, helping revenue leap 47 percent to $876 million. That outpaced an average forecast for $857.9 million, according to Thomson Reuters I/B/E/S. U.S. subscribers at the end of December stood at 24.4 million and international customers at nearly 1.9 million. U.S. streaming subscribers were higher than expected and a projected first-quarter net loss amid an international expansion was smaller than many feared, analysts said. "That's going to be comforting to people," said B. Riley & Co analyst Eric Wold. Netflix forecast a first-quarter 2012 loss of $9 million to $27 million. The company has not predicted when it will turn a profit again. "We're focused on returning to global profitability as soon as possible," Hastings said in an interview. STEM THE BLEEDING Shares rose 13 percent to trade above $107 in after-hours trading following the earnings report on Wednesday. They had ended at $95.04, up 2.6 percent, in the regular session on Nasdaq. Earnings per share hit 73 cents, beating an average forecast of 55 cents. Netflix shed more than 800,000 U.S. customers in the third quarter of 2011 after an uproar over a price hike and now-aborted plan to rent DVDs under the name Qwikster. The company's share price plummeted from $304 in July to $62 in November. In the letter to shareholders, Hastings - a Wall Street darling until last year's slip-ups - stuck to previous forecasts of bumping up margins by about 1 percentage point every quarter as the company shifts customers from its DVD-by-mail service onto instant streaming. To sustain that momentum, Netflix has been writing ever-heftier checks to acquire more TV shows and movies for its streaming service. On Wednesday, Hastings predicted that while content acquisition costs will continue to increase quarter by quarter, that pace of growth will begin decelerating in 2012. Longer-term, Netflix still faces a deluge of competition, a tarnished brand, and a costly expansion that will erode bottom lines, at least in the short term. "They have kind of righted the ship in the near term," Morningstar analyst Michael Corty said. "The question investors need to ask is how are they really going to grow this domestic business, not just this quarter but over the next several years." In the interview with Reuters, Hastings said he was "very confident in our ability to acquire content, and to continue to create a better and better service." (Reporting by Lisa Richwine; Editing by Gary Hill) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (5) thelaowai wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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