Netflix, Big Lots: After-Hours Trading
"Due to this increased net add quarterly seasonality, Q2 net adds will be below those of 2010, despite Q2 gross adds following the traditional seasonal pattern, and despite us expecting to match 2010 in annual net additions," the company said in a letter to shareholders accompanying the release of its first-quarter results.
The stock was last quoted at $86.30, down 15%, on volume of 3.7 million, according to Nasdaq.com. After being among the worst performers in the broad market in 2011, Netflix shares have outperformed so far this year, rising more than 50%.
The company reported a loss of $5 million, or 8 cents a share, on revenue of $870 million for the first quarter ended in March. The average estimate of analysts polled by Thomson Reuters was for a loss of 27 cents a share on revenue of $866.1 million.
Netflix said it expects between a loss of 10 cents to earnings of 14 cents a share in the second quarter with revenue ranging from $873 million to $895 million. The current average analysts' view is for a loss of 18 cents a share on revenue of $895.1 million in the June-ending quarter.
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