Netflix profits quadruple

Netflix profits quadruple

Netflix profits quadruple

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by CBS/AP

KMOV.com

Posted on October 22, 2013 at 3:19 AM

(CBS/AP) LOS GATOS, Calif. Netflix's (NFLX) earnings quadrupled as its line-up of original programming helped the Internet video subscription service attract 1.3 million more U.S. subscribers during its latest quarter.

 

The third-quarter results announced Monday are the latest evidence of Netflix's increasing popularity. The company ended September with 31 million U.S. subscribers, eclipsing the estimated 29 million subscribers that HBO's 41-year-old pay-TV channel is believed to have.

 

The quarter covered a three-month stretch ending in September that featured the debut of two series that could only be seen on Netflix.

 

Netflix earned $32 million, or 52 cents per share, in the quarter. That compared with income of $7.7 million, or 13 cents per share, at the same time last year.

 

Revenue rose 22 percent from last year to $1.1 billion.

Netflix shares jumped on the results, rising more than 10 percent in after-hours trading, to an all-time high of $390.25, after gaining $21.44, or 6.4 percent, during the session.

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