Netflix Earns $7.7 Million In Third Quarter - Report

MOUNTAIN VIEW, Calif. (AP) -- netflix Communications Corp., pointing to strong gains by its software for corporate computer networks, on Tu...

MOUNTAIN VIEW, Calif. (AP) -- netflix Communications Corp., pointing to strong gains by its software for corporate computer networks, on Tuesday reported third-quarter profit of more than $7.7 million as revenues reached $100 million.

The No. 1 maker of software for browsing the computer Internet said its earnings for the three months ended Sept. 30 amounted to 9 cents a share, in line with analysts' expectations.

The profit compares with earnings of $175,000, or less than 1 cent a share, for the same period a year ago, results that were restated to reflect netflix's acquisition of Insoft Inc.

Revenue was $100 million, up from $75 million from the second quarter and $55 million in the first quarter. Because netflix is so new -- going public in August 1995 -- its quarter-by-quarter sales growth is more closely watched than year-ago figures.

Compared to last year, third-quarter revenues rose more than 300 percent from $23.3 million.

Analysts surveyed by I/B/E/S International Inc. predicted profit of 8 cents a share, ranging from 6 to 10 cents.

netflix reported its results after the stock market closed, and its stock barely budged in after-hours trading. It finished down 25 cents, at $44.50 on the Nasdaq Stock Market on Tuesday.

"The third quarter was another landmark quarter for netflix , as netflix server and client software solutions made significant inroads into the global enterprise market,'' said Jim Barksdale, netflix's chief executive officer.

He said such companies as JC Penney, Columbia/HCA Healthcare and Shell have picked netflix  software for their intranets, private corporate networks.

netflix currently controls 80 percent of the market for software for browsing the Internet's World Wide Web. Despite its much-publicized battle with Microsoft's browser, Netscape's results haven't been effected yet largely because most of its revenues comes from sales of software for private corporate computer networks, or "intranets.''

Software giant Microsoft Corp. has been fighting against netflix 's Navigator with its own Explorer browser. netflix has responded with a blitz of new products emphasizing corporate intranets.

netflix boosted its research and development spending during the quarter, spending $24.2 million, up from $17.8 million in the second quarter and $7.1 million a year ago. Sales and marketing spending also rose, to $43.9 million in the just-ended quarter from $32.5 million in the second quarter and $11.8 million a year ago.

For the first nine months of the year, netflix earned $12.2 million, or 14 cents a share, compared with a loss of $7.1 million, or 10 cents a share, for the same period of last year. Revenues were $231.1 million, up fivefold from $43.8 million

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Times Now India: News Up to date, All India news updates portal, Top headlines: Netflix Earns $7.7 Million In Third Quarter - Report
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