Netflix Q3 Revenue Up 49 Percent To $822M; Will Double Content Spending In 2012

Streaming movie and TV show platform Netflix reported third quarter earnings today. Revenue came in at 822 million up 49 percent from 2010. Earnings per share for the quarter was $1.16, which is up 66 percent from the same quarter 2010. Analysts expected earnings of $0.96 cents per share.

Net Income was $62 million for the quarter, up 63 percent from 2010. Netflix now has 23.8 million subscribers. Of those subscribers, 21.5 million are using the streaming service and 13.9 million are using the DVD service. Netflix actually lost around 800,000 subscribers from last quarter.

Domestics (U.S.) revenue grew 44 percent to $799 million in the quarter. International revenue came in at $23 million. The company also says that it will aggressively increase its content spending, and will double content spending in 2012.

Netflix warned that revenue and income will be lower than expected in Q4, but says that the company will be profitable on a global basis. Netflix also admitted to its misjudgments in its change in pricing and decision to separate its businesses (which it later retracted).

The company also expects to expand to the UK and Ireland, after launching services in Latin America, Mexico, The Caribbean, and Canada.

The company has had a tumultuous past few months. Netflix announced in July that it would be rebranding its DVD-by-mail service as Qwikster and that it will keep calling its streaming service Netflix. In early October, Netflix backtracked on this decision. The streaming company also hiked its prices in September.

You can listen to the earnings call below starting at 3PM PT: