LOS GATOS (CBS/AP) – Netflix cut its prediction of how many video streaming subscribers it would add this year after its third-quarter additions of 1.2 million came in at the low end of the company’s forecasts.
Netflix had estimated it would add between 1 million and 1.8 million subscribers in the July-through-September period.
The company cut its estimate for full-year subscriber additions to between 4.7 million and 5.4 million. Previously, the online video company predicted it would gain as many as 7 million domestic streaming subscribers by year’s end.
Netflix’s stock sank $10.72 in after-hours trading to $57.50.
Netflix earned $7.7 million, or 13 cents per share, beating the 5 cents per share expected by analysts polled by FactSet. Revenue rose 10 percent to $905.1 million, in line with forecasts.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)