(Newser)
–
After Netflix's miserable third quarter of 2011—which saw its share price plunge 75%, some 800,000 customers quit, and the Qwikster debacle—the video rental giant reversed much of those losses and posted stronger-than-expected results for the last quarter, reports Reuters. Netflix's revenue jumped 47% to $876 million, about $18 million more than expected, and it added 610,000 customers, helping its share price rebound 13% on the news.
"They have kind of righted the ship in the near term," said one analyst. "The question investors need to ask is how are they really going to grow this domestic business, not just this quarter but over the next several years." Despite competition soaring from all across the media landscape, including Verizon and Amazon, Netflix CEO Reed Hastings said he was "very confident in our ability to acquire content, and to continue to create a better and better service."
