Drug-Resistant Fungus Computing's Top Prize Google's AI Chatbot Beat Airline Ticket Prices ChatGPT Bug 7 Daily Habits for Happiness Weigh Yourself Accurately 12 Healthy Spring Recipes
Want CNET to notify you of price drops and the latest stories?
No, thank you

Netflix earnings beat analyst expectations

A soft economy appears to be sending consumers to their couches to watch movies rented through Netflix. Company sees 21 percent jump in second-quarter revenue.

Netflix reported strong earnings after the bell on Thursday that outpaced analyst expectations, proving once again that a down economy can't slow the Web's top movie rental service.

For the company's second quarter ended June 30, Netflix saw net income of $32 million on revenue of $408.4 million, a 21 percent increase in revenue from the same quarter last year.

The Los Gatos, Calif.,-based company paid investors 54 cents per diluted share compared to 42 cents a diluted share a year ago. Analysts on average had expected the company to report 50 cents a share and $410 million in revenue.

The number of Netflix's subscribers grew to 10.6 million, a 26 percent jump year over year.

Netflix adjusted its revenue outlook for the year and said revenue would come in between $1.65 billion and $1.67 billion instead of $1.63 billion and $1.67 billion. The company projected net income would be $99 million to $109 million, up from $96 million to $106 million.

On Thursday, shares of Netflix closed at $46.46, up 2 percent. In after-hours trading, the company's stock was up slightly to $47.70.

More to come