Markets

Netflix Bucks Apocalypse

Never underestimate the power of cheap entertainment during an economic catastrophe. Netflix Inc. announced its profit increased 45 percent in the last quarter, a result based on the strength of lower subscription costs and the proliferation of its online video rentals. After the announcement, Netflix shares rose 7.4 percent to $32.38 in after-hours trading, according to MarketWatch. The company's expenses declined in the past year, as the cost to acquire each new subscriber fell to $26.67 from $34.58, and revenue rose to $359.6 million from $302.4 million. Nearly 9.39 million subscribers use the rental service.