Coinstar Q3 Profit falls 53% to $19.5 million
Full-year forecasts more bullish than analyst expectations
Coinstar, the publicly traded parent of DVD-kiosk company Redbox, said Thursday that its third-quarter profit fell 53% to $19.5 million, due to costs associated with the elimination of some other businesses.
Quarterly revenue for the Bellevue, Wash.-based company rose 42% to $380.2 million on rising DVD rentals at Redbox. Coinstar announced its financial results after the close of market trading, but shares rose 12% to $51.68 in after-hours trading.
CoinStar forecast revenue of $415 million-$440 million for the fourth quarter and $1.8 billion-$1.95 billion for next year. The forecasts were a bit more bullish than analyst forecasts.