Netflix Shares Plummet After Quarterly Report; Listen to Earnings Call Live 3 pm
Netflix shares are getting a big thumbs down in after-hours trading, after the company’s earnings report showed a quarterly loss for the first time in seven years.
Shares have dropped 15 percent on top of a four percent loss in the regular session.
Per CNN Money:
Netflix’s first-quarter financials came in better than expected after a dismal 2011, but it wasn’t enough for investors to overlook a weak revenue outlook.
Netflix announced late Monday that it lost 8 cents per share on $870 million in sales last quarter. Analysts polled by Thomson Reuters expected a much wider loss of 27 cents per share, and sales of $866 million.
But shares plunged 14% in after-hours trading. Investors were likely disappointed by Netflix’s sales outlook of $873 million to $895 million, lower than analysts’ forecasts of $897 million in revenue for the second quarter.
Perhaps Reed Hastings will have some ‘splainin’ to do on the Los Gatos-based company’s analysts at 3 p.m. You can listen to that live here.