Netflix, Inc. (NASDAQ:NFLX) shares fell around 3% on Wednesday after the company reported fourth-quarter financial results and issued first-quarter guidance below estimates on Tuesday.
Netflix reported earnings per share of 56 cents, beating the consensus estimate of 55 cents. In addition, the company reported revenue of $12.05 billion, beating the consensus estimate of $11.97 billion.
For the first quarter, Netflix guided for earnings per share of 76 cents and revenue of approximately $12.16 billion. The company said it expects advertising revenue growth to continue and plans to invest across content, advertising initiatives and newer formats including live events, video podcasts and games.
“With over 325M paid memberships, we’re now serving an audience approaching one billion people globally. Our aim is to delight and satisfy all of them by providing …