Netflix Shares Move Lower as New Subscribers Come in Below Guidance
October 20 2020 - 5:18PM
Dow Jones News
By Stephen Nakrosis
Shares of streaming service Netflix Inc. are trading lower in
Tuesday's late-trading market, after the company released
third-quarter results and said new subscribers for the period came
in below earlier guidance.
At 4:34 p.m. EDT, the company's shares had fallen 5.26% to trade
at $497.80. Volume at the time topped 1.3 million shares.
The stock finished the day's regular-trading session with a $1
loss, closing at $525.42.
Year to date, the stock is up over 62%.
After the bell, Netflix said it added 2.2 million net
memberships in the third quarter, below previous guidance of 2.5
million. In the third quarter of last year, the company added 6.8
million memberships, it said.
In the first nine months of this year, the company said it added
28.1 million paid memberships, "which exceeds the 27.8 million that
we added for all of 2019."
The company reported third-quarter net income of $790 million,
or $1.74 a share, on revenue of $6.44 billion. In the third quarter
of 2019, Netflix reported net income of $665 million, or $1.47 a
share, on revenue of $5.24 billion.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 20, 2020 17:03 ET (21:03 GMT)
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