India, Oct. 22 -- Netflix shares fell nearly 7% on Tuesday after the company missed its third-quarter earnings estimate. Netflix (NFLX) missed analyst expectations on both revenue and profit. The streaming giant cited an ongoing dispute with Brazilian tax authorities as a reason for the miss.

Netflix reported a revenue of $11.51 billion. According to a Yahoo Finance report, it fell short of Bloomberg consensus estimates of $11.52 billion and the company's own estimate of $11.53 billion.

Earnings per share came in at $5.87, which is more than the $5.40 that Netflix reported a year ago. However, it missed analyst expectations of $6.94.

Netflix reported an operating margin of 28%, lower than its forecast of 31.5%, because of an unexpected...