The current marketplace as a whole may be shaky, but while others are hanging their heads as they mumble about Q3 downfalls, Netflix
is grinning from ear-to-ear. Citing lower subscriber costs, the rental outfit proudly announced a 30% increase in profits today while slightly reducing its Q4 revenue estimate. During Q3 2008, the company earned $20.4 million compared with $15.6 million a year ago while revenue rose from $294 million to $341.4 million. In related news, it also said that it "expects about 500,000 of its 8.7 million subscribers [to] be Blu-ray subscribers
in the current quarter," meaning that around 5.7% of its customers would be voluntarily paying the $1 monthly premium
to keep BD flicks coming. Good on you, Netflix.
[Image courtesy of Flickr
- Netflix quarterly earningsRead
- Netflix Blu-ray subscribers