Netflix Shares Plummet After Quarterly Report; Listen to Earnings Call Live 3 pm

Netflix shares are getting a big thumbs down in after-hours trading, after the company’s earnings report showed a quarterly loss for the first time in seven years.

Shares have dropped 15 percent on top of a four percent loss in the regular session.

Per CNN Money:

Netflix’s first-quarter financials came in better than expected after a dismal 2011, but it wasn’t enough for investors to overlook a weak revenue outlook.

Netflix announced late Monday that it lost 8 cents per share on $870 million in sales last quarter. Analysts polled by Thomson Reuters expected a much wider loss of 27 cents per share, and sales of $866 million.

But shares plunged 14% in after-hours trading. Investors were likely disappointed by Netflix’s sales outlook of $873 million to $895 million, lower than analysts’ forecasts of $897 million in revenue for the second quarter.

Perhaps Reed Hastings will have some ‘splainin’ to do on the Los Gatos-based company’s analysts at 3 p.m. You can listen to that live here.

Author

Jon Brooks

Jon Brooks writes mostly on film for KQED Arts. He is also an online editor and writer for KQED's daily news blog, News Fix. Jon is a playwright whose work has been produced in San Francisco, New York, Italy, and around the U.S.

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