October 21, 2010 / 11:29 PM / 8 years ago

Netflix website back up

LOS ANGELES (Reuters) - Netflix Inc’s website was restored late Thursday afternoon after an outage blocked users from accessing the online video service for hours on the same day the company’s stock rallied nearly 13 percent on strong subscriber growth.

A company spokeswoman could not be reached to comment beyond an earlier statement that said the company was aware of the issue and was working to resolve it.

The home page of the website at www.netflix.com could not be accessed by many of the popular DVD rental company’s nearly 17 million subscribers.

On Wednesday, Netflix reported better-than-expected subscriber growth for the third quarter, which helped fuel a 31 percent increase in revenue.

Netflix shares rose 12.76 percent to $172.69 on Thursday.

“Try as you might to build a bulletproof infrastructure, you can’t always accomplish that,” said Steve Frankel, an analyst with Dougherty & Co who raised his fourth-quarter revenue estimate on Thursday to $595.5 million from his previous estimate of $591.6 million.

Netflix was launched as a by-mail DVD rental service in 1999. It has said that now a vast majority of its U.S. subscribers stream content on a variety of devices. It already runs a Canadian streaming-only service and said it could soon launch a similar one in the United States.

Reporting by Susan Zeidler

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