Netflix stock is tanking after the company reported less-than-expected revenues of $1.58 billion. Analysts were expecting quarterly revenue of $1.75 billion. Netflix also missed on earnings today, with $0.07 per share versus the analyst-predicted $0.08.
This quarter Netflix raised its subscriber numbers by 3.62 million to more than 69 million in total. That’s just above the company’s third-quarter guidance of 3.55 million new subscribers. Netflix expects to close out the year with a total of 74 million subscribers.