Netflix posts 3Q profit
After half a year of lower than expected revenue reports, Netflix announced today a 23 percent increase in profits over last year. Beating analyst expectations by about $8 million, this news boost Netflix stock by 13% in after-hours trading.
Blockbuster Online has been very successful this year and it has been cutting into Netflix’s expected growth. Netflix struck back by lowering prices and engaging in more aggressive advertising and is very optimistic for the fourth quarter.
With this news, Netflix has increased expectations. I just hope they can manage another price break soon.
