Netflix Shares Tank After Earnings Miss

(RTTNews) - Shares of Netflix Inc. (NFLX) slipped over 10 percent in after-hours trading on Wednesday after the company's earnings and revenues for the third quarter missed Wall Street estimates.

The company said it increased to over 69 million members around the world and expect to end this year with over 74 million members. The net additions for the quarter was 3.62 million.

Netflix's net income for the third quarter dropped to $29.4 million or $0.07 per share from $59.3 million or $0.14 per share last year. Analysts expected earnings of $0.08 per share for the quarter. Analysts estimates typically exclude one-time items.

Revenues for the quarter rose to $1.74 billion from $1.41 billion last year. Analysts had a consensus revenue estimate of $1.75 billion for the quarter.