Netflix sees 30% rise in profit, expects 500,000 Blu-ray subscribers
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.
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