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Netflix forecast misses Wall Street view, shares dip

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Netflix forecast misses Wall Street view, shares dip

Netflix forecast misses Wall Street view, shares dip

Netflix forecast first-quarter revenue slightly below Wall Street estimates on Thursday, even after a record quarter for new customers, sending shares of the world’s largest streaming service down 4 percent in after-hours trading.

Jane Lee reports.

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Netflix forecast misses Wall Street view, shares dip

Netflix may have churned out big hits like 'Bird Box' and the TV series 'You', but it missed Wall Street's revenue expectations on Thursday, pushing shares of the streaming service down more than 4 percent in after-hours trading.

But Netflix is up over 30 percent so far this year.

No surprise, considering Netflix estimates that Bird Box starring Sandra Bullock will have been watched by over 80 million member households in its first four weeks.

And its new show 'You' will have an estimated 40 million member households clicking in the same amount of time.

But production for those shows doesn't come cheap.

Its aggressive spending on content has coincided with a doubling of the company's debt.

At the end of last year it had just over $10 billion dollars in long-term debt.

Netflix raised the subscription price by $2 dollars a month earlier this year in an effort to help cover some costs.

And it'll need all the blockbusters it can make as it faces continued competition from Amazon Prime Video and Hulu, and new-kid-on-the-block Disney will also be vying for your attention.




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