Netflix Shares Dive On $720 Mln Profit Despite User Growth
Faizan Hashmi Published July 17, 2020 | 01:50 AM
San Francisco, (UrduPoint / Pakistan Point News - 17th Jul, 2020 ) :Netflix shares dived on Thursday after the leading streaming entertainment service reported relatively flat quarterly profits despite rising subscriber numbers.
Netflix reported a profit of $720 million on revenue of $6.
1 billion in the recently-ended quarter, compared with $709 million profit on $5.8 billion in revenue during the first three months of the year.
Meanwhile, ranks of paid memberships grew by 10.1 million, according to the California-based company.
Share were down nearly 12 percent in after-market trades that followed release of the earnings figures.
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