Netflix Posts Higher 3Q Earnings As Revenue Grows

LOS GATOS (AP) – Netflix says its third-quarter net income grew as the online movie rental company continued to attract subscribers.

Netflix Inc. said Wednesday it earned $38 million, or 70 cents per share. That’s up 26 percent from $30.1 million, or 52 cents per share, in the same period a year earlier. Excluding the cost of stock options, earnings were 78 cents a share.

Wall Street was expecting 71 cents, but that’s including the stock options costs.

Los Gatos-based Netflix says its revenue jumped 31 percent to $553.2 million from $423.1 million.

Analysts had predicted revenue of $550.9 million, according to a poll by Thomson Reuters.

Netflix says it ended the quarter with nearly 16.9 million subscribers, up 52 percent from the same time last year.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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