Netflix Shares Down 10 Percent in After-Market Trading
Netflix added 6.74 million subscribers, surpassing its previous high mark of 5.59 million new additions in Q4, the company said Monday in an earnings letter after the market's close. In the U.S. it added 2.28 million subscribers. Netflix had forecast…
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1.75 million new U.S. subscribers, which it called low “because we underestimated the positive acquisition impact of our major original content debuts.” Total streaming revenue was $1.8 billion, vs. $1.4 billion in the year-ago quarter. U.S. revenue grew 18 percent year over year, with 14 percent growth in average paid memberships and a 3 percent rise in average revenue per user, it said. Netflix stock was down 10 percent in after-hours trading Monday, to $97.80.