By Reuters Staff
FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo
(Reuters) – Netflix Inc NFLX.O on Tuesday missed expectations for paid subscriber additions in the third quarter, hit by rising streaming competition and the return of live sports to television.
Shares of the company fell more than 6% in extended trading.
The company said it added 2.2 million paid subscribers globally during the quarter ended Sept. 30, compared with analysts estimates for 3.4 million, according to IBES data from Refinitiv.
Netflix had warned investors that a sudden surge in new sign ups would fade in the latter half of the year as restrictions ease and consumers choose to step outside instead of binge watch its shows at home.
Revenue rose 22.7% to $6.44 billion in the third quarter, edging past estimates of $6.38 billion.
Net income rose to $790 million, or $1.74 per share, in the quarter from $665.2 million, or $1.47 per share, a year earlier.read more
Netflix misses estimates for paid subscriber additions – Reuters India
