There is more than a little truth to the fact that when money is tight and the economy sucks, people want to spend what little money they do have on things that take their mind off how bad the economy sucks. Thanks to that fact entertainment industries tend to weather recessions pretty well.
Netflix is among the companies that are still doing well despite the weak economy. Netflix has announced its Q4 2008 financials for its year ending on December 31, 2008. The mail-order movie rental service finished the quarter with 9,390,000 subscribers for a 26% growth compared to the same quarter of 2007.
Growth compared to Q3 2008 was 8%. Netflix posted total revenue of $359.6 million with GAAP net income of $22.7 million with earnings of $0.38 per diluted share. Total revenue for fiscal 2008 was $1.365 billion. Those numbers are impressive; I would have never dreamed that the company would turn over a billion in sales.