Netflix Shares Drop on Weak Forecast
Netflix shares fell after the streaming company issued a weaker-than-expected fourth-quarter profit forecast. Third-quarter revenue rose at its slowest rate in nearly three years. The firm also lowered its full-year advertising forecast.
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NETFLIX INC issued a weaker-than-expected fourth-quarter profit forecast, sending shares down 5% to $68.69 in after-hours trading. The warning follows a 6% workforce reduction and executive shakeups. Third-quarter revenue rose 11.8% to $12.87 billion, marking the slowest growth rate in three years.
