Netflix restores faith just ahead of offensive by Disney, Apple

Netflix Inc. delivered enough good news Wednesday to allay concerns about looming competition from Walt Disney Co. and Apple Inc. The company added 6.77 million subscribers in the third quarter, with stronger-than-expected growth overseas. Earnings also topped Wall Street estimates, letting investors overlook a tepid forecast for the final quarter of the year.

Investors had been bracing for a weak showing after Netflix delivered a disappointing quarter three months ago. The stock had been flagging for weeks. The actual results — though far from perfect — were a relief, sending the shares up as much as 11% in late trading.

“It was a really strong quarter — not just around subscribers, the overall business performance,” Chief Financial Officer Spencer Neumann said in a taped interview with Guggenheim Securities analyst Michael Morris.