Netflix quadruples third-quarter profit

22 Oct 20131 Share

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Online entertainment streaming service Netflix quadrupled its profit in the third quarter, with a 1.3m gain in customers in the US, and net income of US$32m, up from US$8m in the year-ago quarter.

The company’s third-quarter revenue amounted to US$1.1bn, reflecting an increase from US$905m in the same period last year. Earnings per share totalled US$0.52.

Netflix reported it now has 40m members, up from less than 30m a year ago. It also counted 31.3m US streaming users from July to September, and 1.4m customers in international markets. That brings Netflix’s reach in foreign territories to 9.2m, and the company said it will launch in unspecified new countries next year.

Netflix also plans to double investments in original programming in 2014, noting its success with exclusive TV programmes, such as Orange is the New Black.

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Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com