Netflix Falls 13% On Revenue Miss (NFLX)

Shares of Netflix, Inc.

NFLX

closed Thursday trading down 13.45% at $103.56 per share. Thursday's trading range for NFLX was between $101.75 and $112.47 per share. Analysts covering the company's stock have a consensus price target of $88.04 per share but their price targets vary widely. Netflix, Inc. (

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NFLX

) shares plunged a day after the company released financial results after the market closed that were ahead of Wall Street earnings estimates but missed revenue expectations. Although Netflix, Inc. reported that its revenue climbed 27% to $520 million, it wasn't enough to meet analyst revenue estimates of $524.44 million. There are also concerns regarding the company's increasing subscriber acquisition costs. NFLX was heavily traded, with the volume of 13.3 million shares traded far above the the average daily volume of 3.5 million shares. Read more

from Benzinga's Company news.