Netflix shares tumble on disappointing subscriber growth

October 16, 2014 3:09 PM

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The big number: Shares of Netflix NFLX have plunged after its quarterly earnings Wednesday in which the streaming service said it added fewer new members than expected. Netflix released a third-quarter financial report showing that the company has grown to 53.1 million total members worldwide, but the addition of 3.02 million subscribers in the third quarter fell below the company’s previous prediction of 3.69 million.

Despite the poorly received subscriber statistics, Netflix hit Wall Street’s revenue estimates in the third quarter by bringing in $1.4 billion. The company also reported profits of $59.3 million, or 96 cents a share, up from $48.4 million in last year’s third quarter. However, Netflix is only predi...

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