Coinstar profits surge but stock dips

Discount vid service takes hit after full-year projections disappoint

Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter.

Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through last October.

Despite the strong quarter, the stock fell on the company’s lower than anticipated preview of full-year results. It said it expects to earn $4.60 a share on sales of $2.22 billion. Analysts were looking for Coinstar to earn $4.74 a share on $2.26 billion in revenue.

The stock, which had a run up over the past few days on the heels of rival Netflix’s weak quarter, was down nearly 3% at $65.52 in late trading.

Coinstar CEO Paul Davis touted the coming launch of a digital platform with Verizon, a pact that’s meant to challenge Netflix in its home streaming video turf. He said he also expects “one or two new business ventures” in 2012.

More Film

  • Mandatory Credit: Photo by Invision/AP/REX/Shutterstock (9243328q)From

    Jonathan Gold, Pulitzer Prize-Winning Restaurant Critic, Dies at 57

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • Johnny Depp Amber Heard

    Johnny Depp, Amber Heard Appear Moments Apart at WB's Comic-Con Panel

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • Patty Jenkins, Chris Pine and Gal

    'Wonder Woman 1984' Team Talks '80s Setting, Chris Pine's Resurrection

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • Aquaman

    First 'Aquaman' Trailer Makes a Splash at Comic-Con

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • 'Shazam!' Trailer Debuts At SDCC

    'Shazam!' Trailer Debuts At Comic-Con (Watch)

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • Godzilla King of the Monsters

    'Godzilla: King of the Monsters' First Trailer Stomps Into Comic-Con

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

  • 'Fantastic Beasts: The Crimes of Grindelwald'

    'Fantastic Beasts 2' Comic-Con Trailer Introduces Nicolas Flamel

    Redbox parent Coinstar, which has rocked the home entertainment market, saw profits surge nearly sevenfold to $54 million from $8.5 million last quarter. Revenue jumped 34% to $568 million driven by Redbox’ strong sales, kiosk installations and the strong performance of new releases. The company said consumers seemed to accept a price increase put through […]

More From Our Brands

Access exclusive content