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Netflix falls short of Q3 subscriber numbers, stock tanks by 26 percent

Netflix has released its Q3 earnings today, and the results have some investors in a panic. During the quarter, the company brought on an additional 3 million subscribers. That bring’s Netflix’s total customer base to 53.1 million; CEO Reed Hastings says he expects to close out 2014 with 57 million global members. But he also acknowledged that the 3M number missed Wall Street expectations — and the company’s own forecasts. Netflix ended Q3 with 37.2 million total US members, which is short of its 37.6 million forecast. Looking internationally, Netflix now tallies 15.84 million members, also well below its original 16.16M Q3 forecast.

“This quarter we over-forecasted membership growth,” he said in a quarterly letter to shareholders….

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Source: theverge.com

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