Video streaming giant Netfllix Inc. (NASDAQ: NFLX) reported a 23% growth in third-quarter revenues as it continued to expand the subscriber base. Earnings increased but missed Wall Street’s prediction and the company’s stock dropped on Tuesday evening following the announcement.
At 195.15 million, the number of global paid members was up 23% from the year-ago period but below the consensus forecast. Total revenues surged 23% annually to $6.44 billion and topped the Street view.
Stay tuned to read management/analysts’ comments on Netflix’s Q3 results
Third-quarter net income was $790 million or $1.74 per share, compared to $665.2 million or $1.47 per share last year. However, earnings missed the estimates.
Netflix’s stock dropped during Tuesday’s extended trading session, after closing the regular session lower.