Netflix Shares Sell Off After Q3 Earnings Miss, Warning About Brazilian Tax Dispute; Ad Growth Robust
Netflix fell short of Wall Street analysts’ earnings expectations in the third quarter and said a dispute with Brazilian tax authorities kept operating margins from meeting its guidance. Revenue came in on target during the June-to-September period, reaching 5.87 on a diluted basis came in more than a dollar shy of analysts’ consensus of $6.97. In its quarterly letter to shareholders, the company said its operating margin of 28% undershot guidance of 31.5% “due to an ...