Netflix Hits 52-Week Low After Revenue Miss and Fewer Engagement Updates
New Delhi, July 17 -- NEW YORK - Netflix (NFLX) fell roughly 9 percent in after-hours trading Thursday, hitting a 52-week low, after the streaming company missed its second-quarter revenue target by $20 million and said it planned to reduce how often it publishes data on how long subscribers spend watching.
The revenue miss was technical rather than catastrophic. Netflix reported $12.56 billion in second-quarter revenue against analyst expectations of $12.58 billion, a gap of less than two-tenths of a percentage point, the Hollywood Reporter reported. Earnings per share of $0.80 beat the consensus estimate of $0.79, and net income reached $3.4 billion. The numbers, taken in isolation, were unremarkable in either direction.
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