Netflix shares dropped seven percent in extended trading Wednesday after the company posted a third-quarter earnings miss after the bell Tuesday.
A continuing $600 million dispute with Brazilian tax authorities has been cited for the weaker-than-estimated results. The dip also comes amid ongoing backlash by viewers and users over transgender content promoted for children by the streaming giant.
The results broke Netflix’s six-quarter streak of posting a profit that eclipsed analysts’ projections, despite modest growth in its ads business. The company did post a profit, though less than expected.
The Guardian overview of the results outcome…
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