Netflix Narrows Revenue Outlook

It's Benzinga, bringing Wall Street to Main Street. Netflix reported third quarter earnings that beat analyst estimates and revenue that met expectations as investors focused on engagement and advertising performance. According to CNBC, the streaming giant reported third quarter earnings of 87 cents per share, beating Wall Street estimates of 82 cents. Revenue rose nearly 12% to $12.87 billion matching expectations. The company forecast fourth-quarter revenue of $13.44 billion and lowered its full-year advertising revenue outlook from $3 billion to $2.7 billion. Netflix cited delays in rolling out advertising capabilities. The company also narrowed its annual revenue forecast to $51.1 billion below analyst expectations. The results follow layoffs affecting roughly 1,000 employees and the departure of chief content officer Bella Baharia. Netflix acknowledged investor concerns about slowing viewership growth as competition intensifies. Shares fell about 6% in extended trading Tuesday. For all things money, visit Benzinga.com.