The demand for entertainment isn't dead just because consumers want to save money. Just look at
The company saw a 22% increase in second-quarter earnings, as it gains market share in the movie rental business.
During the quarter, the company earned $32.4 million, or 56 cents a share, compared with $26.6 million, or 43 cents, in the year-ago period.
Revenues jumped 21% to $408.5 million from $337.6 million last year, as consumers look to inexpensive ways to entertain themselves at home.
Bad Rumors: Netflix Action Adventure, Cuts at Cisco, Google
var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 29696836001; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);
Netflix ended the second quarter with about 10.6 million total subscribers, a 26% increase from last year.
And the company isn't stopping with movie rentals. Earlier in the month, Netflix said it plans to
, Internet-connected TVs starting this fall. The move marks Netflix's goal to gain market share in Internet streaming.
Looking ahead, management expects third-quarter earnings in the range of 39 cents to 47 cents a share, and full-year profit between $1.65 and $1.82 a share.
The company has been doing so well, in fact that there have been rumors circulating that
interested in acquiring the company. Analysts, however, say this is doubtful.
Shares of the company jumped 3% to $46.46 in late day trading.
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