Netflix (NFLX) is cranking along in the third quarter, with traffic to the site up. This should result in total subscribers coming in at the high end of estimates, Lazard analyst Barton Crockett says in a note today.
Crockett says uniques to Netflix.com grew 26% on a year over year basis in August, per comScore, with an average growth rate of 22% for Q3.
This implies Netflix added 2.29 million gross subscribers, he says. After subtracting the subscriber churn, the net additions for Q3 should be 489,000, giving Netflix 11.1 million total subs, which is at the higher end of guidance.
Crockett has the stock labelled as a hold.
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