Netflix's third-quarter earnings rose 65 per cent even though the video subscription service suffered the biggest customer losses in its history.

The financial results, released after markets closed on Monday, covered an abysmal stretch that saw Netflix Inc. lose its luster among consumers and investors.

Coming up to 5 p.m. ET, its shares were down by 28 per cent, or $33.80, at 85.04 US in after hours trading.

Netflix triggered the backlash by raising prices as much as 60 per cent in the U.S. and bungling an attempt to spin off its DVD-by-mail rental service.

The company ended September with 23.8 million U.S. subscribers, down about 800,000 from June. Management expects to gain U.S. subscribers in the current quarter, although Netflix didn't set a specific target.

The company earned $62.5 million, or $1.16, per share, in the third quarter. That compared to income of $38 million, or 70 cents per share, at the same time last year.