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.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.