Netflix beats first-quarter earnings estimates, but slowdown in subscribers hits stock after hours [Los Angeles Times (CA)]
Netflix, Inc. (NFLX)
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Source: Los Angeles Times
Netflix beats first-quarter earnings estimates, but slowdown in subscribers hits stock after hours Netflix, Inc. beat earnings estimates for the first quarter, but shares of the streaming media company took a hit in after-hours trading Monday after it reported weaker-than-expected new subscriptions for the period. The slowdown came despite the release of popular new titles, including the superhero-themed “Marvel’s Iron Fist” and the kid-oriented “A Series of Unfortunate Events.” Shares dropped by as much as 3% in after-hours trading as investors reacted to news that Netflix's subscriber growth has slowed. Shares had closed Monday at $147.24, up 3%. Shares have been up nearly 20% this year and reached a record on March 30, when they climbed to $148. Netflix, which has been rapidly expanding globally as its business in the U.S. slows, predicted that profit will drop in the second quarter as the company spends more on new series and movies. david.ng@latimes.com @DavidNgLAT
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