By Stephen Nakrosis
Shares of streaming service Netflix Inc. are trading lower in Tuesday's late-trading market, after the company released third-quarter results and said new subscribers for the period came in below earlier guidance.
At 4:34 p.m. EDT, the company's shares had fallen 5.26% to trade at $497.80. Volume at the time topped 1.3 million shares.
The stock finished the day's regular-trading session with a 1% loss, closing at $525.42.
Year to date, the stock is up over 62%.
After the bell, Netflix said it added 2.2 million net memberships in the third quarter, below previous guidance of 2.5 million. In the third quarter of last year, the company added 6.8 million memberships, it said.
In the first nine months of this year, the company said it added 28.1 million paid memberships, "which exceeds the 27.8 million that we added for all of 2019."
The company reported third-quarter net income of $790 million, or $1.74 a share, on revenue of $6.44 billion. In the third quarter of 2019, Netflix reported net income of $665 million, or $1.47 a share, on revenue of $5.24 billion.
--Write to Stephen Nakrosis at email@example.com
Corrections & Amplifications
This item was corrected at 4:56 p.m. ET to show that shares of Netflix finished the day's regular-trading session with a 1% loss, closing at $525.42. An earlier version misstated the loss as $1.
(END) Dow Jones Newswires