Despite the bitter competition with rival video rental service Blockbuster, Netflix (NSDQ: NFLX) doesn’t seem to have suffered much over the past year. The Los Gatos, CA-based company posted a 22.7 percent gain in Q3 GAAP net income, as profits came in at $15.7 million, or $0.23 per diluted share, compared to $12.8 million, or $0.18 per diluted share, for the same period last year. But from a sequential standpoint, Netflix earnings fell 38.7 percent, from Q207’s $25.6 million. On the revenue front, Netflix brought in $294 million in Q3, a 15 percent year-over-year increase over last year’s $256 million. Meanwhile, Netflix saw a 3 percent sequential decline from Q207’s $303.7 million. Other highlights from the quarter included: --