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Netflix trims subscriber forecast

3:16 PM, Oct 23, 2012   |    comments
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(Photo By Justin Sullivan/Getty Images)

LOS GATOS, CA (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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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