Bad Economy Is Good News For Netflix

Thursday, Oct 22, 2009  |  Updated 1:45 PM PDT
View Comments (
)
|
Email
|
Print
Bad Economy Is Good News For Netflix

AFP/Getty Images

If you can't afford a movie on the big screen, a certain DVD delivery service isn't going out of business.

Netflix's third-quarter earnings again showed the DVD-by-mail service remains a popular attraction among consumers looking for affordable home entertainment.

The Los Gatos, Calif.-based company gained another 510,000 subscribers during the summer, according to numbers released after the closing bell.

It has become a familiar script for Netflix, which has added 2.4 million subscribers over the past year. That left Netflix with 11.1 million customers through September.

The growth helped Netflix boost its net income for the period to $30 million, or 52 cents per share. That was up 48 percent from the same time a year ago.

Revenue climbed 24 percent to $423 million.

Both the earnings and revenue topped analyst estimates.
 

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Bay Area Proud
Bay Area Proud is NBC Bay... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out