Netflix, Inc. (NASDAQ:NFLX) Hits New 52-week Low on Lackluster Outlook


Shares of Netflix, Inc.  (NASDAQ:NFLX) are hammering down in after-hours following the company forecasted worse than estimated earnings on back of steep declines in DVD subscribers.

The company said that its net income during the third quarter jumped to $62 million or $1.16 a share with revenue coming at $822 million, well ahead of analysts’ estimates of 94 cents in earnings on revenue of $812 million.

The company has been struggling to regain its lost glory following the company lifted the prices of its products.

The company projects to earn in the range of $0.36 to $0.70 a share in its fourth-quarter, missing analysts’ estimates of $1.09 a share.

Shares of NFLX slumped $31.57 or 26.57% to its new 52-week low of $87.21 on hefty volume. The stock has corrected over 70% from its 52-week high of $304.79.

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