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Netflix (NFLX - Analyst Report) has again beaten its earnings estimate in its quarterly report released after the bell Monday. The digital entertainment provider posted EPS of 52 cents for its Q3 earnings report, topping the Zacks Consensus Estimate of 48 cents by 8.3%. Revenues were pretty much in line at $1.1 billion for the past three months.

This continues Netflix's impressive run over the past several quarters, including a 72% positive surprise in Q1-13 and a 208% beat in Q4 of 2012. Zacks added Netflix to its Focus List in March of 2013, and since then the stock has risen over 90%. In short, Netflix has enjoyed perhaps the strongest run of any company in the S&P 500. Not bad for a company that used to just send DVDs in the mail.

The company produced higher-than-expected subscriber numbers, both domestically and abroad. At home, the company's 1.3 million new subscribers bested expectations by about 200K or so; in the international market Netflix performed even better: 1.44 million new subscribers blew away the 950K consensus. This brings the company's total subscriber numbers to more than 40 million globally, with further growth expectations in Q4.

Analysts have been largely positive regarding earnings estimate revisions, especially for full fiscal 2013 and 2014. This has led the way to a Zacks Rank #1 (Strong Buy) on NFLX shares.

And the news just keeps getting better: prospective deals with major cable operators looks to be the next step, allowing for easier and fuller access to Netflix's content streaming entertainment. This includes a growing stable of original content produced by the company, which continues to boast a string of hits, from House of Cards to Orange Is the New Black.

Perhaps they might want to consider something called Red Is the New Green. The way Netflix's recent fortunes have swung, it would be completely appropriate.

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