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Coinstar's 3Q earnings soar as Redbox picks up irked Netflix customers; Redbox prices to rise
BELLEVUE, Wash. (AP) ' Coinstar's third-quarter earnings nearly doubled as its Redbox kiosks for renting DVDs attracted movie lovers irked by recent price increases at Netflix's video subscription service.
But the results released Thursday contained some more unwelcome news for consumers.
Redbox is raising its prices for renting a standard DVD by 20 percent beginning next week. The new price will be $1.20 per day effective Monday, instead of the current $1 daily rate.
That's not as much a shock as the prices increase of as much as 60 percent Netflix imposed on its subscribers last month.
Coinstar Inc. earned $37 million, or $1.18 per share, in the three months ending in September. That compared to $19.5 million, or 60 cents per share, at the same time last year.