Netflix (NASDAQ:NFLX) shares plunged nearly 14% in after-hours trading despite posting second quarter earnings that beat analyst expectations.
Wall Street was looking for an EPS of 5 cents, while the company more than doubled that estimate with an EPS of 11 cents. Netflix posted $1.26 per share a year ago.
Revenue was $889 million — around a 13% increase from a year ago and approximately what analysts had been expecting.
For the current quarter, the company gave a wide EPS range from a loss of 10 cents to a gain of 14 cents, while analysts expect an EPS of12 cents.
Shares of the company have taken a clubbing in the past year, losing a horrendous 70% of their worth. The company also says the Olympics will hurt viewership.
-Alyssa Oursler, InvestorPlace Editorial Assistant