Bad Economy Is Good News For Netflix

View Comments ()
|
Email
|
Print

    NEWSLETTERS

    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.