From reuters
LOS ANGELES, Oct 22 (Reuters) - Netflix Inc (NFLX.O: Quote, Profile, Research) Chief Financial Officer Barry McCarthy said on Monday the company's previous forecast for a decline in fiscal 2008 net income was "overly pessimistic" in light of changes in the competitive environment.
McCarthy told analysts on a conference call that the online DVD rental company now expects fiscal 2008 net income to be "flat to slightly up" on a year-over-year basis.
Netflix saw its subscriber base shrink for the first time ever in the second quarter as a result of aggressive competition from rival Blockbuster Inc (BBI.N: Quote, Profile, Research).
Blockbuster's new management announced recently that it would ease spending on its online DVD rental business, which competes directly with Netflix.
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