Netflix profits soar as competition heats up

Netflix added nearly 7 million users in the three months through September, an increase that exceeded company estimates and helped contribute to soaring profits at the video-streaming platform despite increasing competition from Amazon, Hulu, and others.

Revenue grew 36 percent to $4 billion, in line with Wall Street expectations. Profits increased to $403 million or 89 cents per share, higher than the 68 cents that analysts surveyed by FactSet predicted.