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Netflix Stock Falls As Streamer Badly Misses First-Quarter Subscriber Target

Internet television network Netflix (NFLX) late Tuesday reported significantly fewer new subscribers than forecast in the first quarter. Netflix stock tumbled in extended trading.




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Los Gatos, Calif.-based Netflix added 3.98 million new streaming subscribers in the first quarter. At the start of the quarter, Netflix forecast adding 6 million new subscribers in the period. Wall Street was looking for 6.3 million net new Netflix subscribers in the March quarter.

On the plus side, Netflix topped Wall Street’s sales and earnings targets. It earned $3.75 a share on sales of $7.16 billion in the March quarter. Analysts expected Netflix to earn $2.97 a share on sales of $7.13 billion. In the year-earlier period, Netflix earned $1.57 a share on sales of $5.77 billion.

In after-hours trading on the stock market today, Netflix stock sank 9.4%, near 497.70. During the regular session, Netflix stock slid 0.9% to 549.57.

Details to follow.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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