Netflix misses expectations for earnings in the fiscal third quarter

Netflix Inc. (NASDAQ: NFLX) said on Tuesday that new subscribers in the fiscal third quarter were significantly less than expected as it reported earnings that missed expectations. Analyst Heath Terry of Goldman Sachs had raised his price target on Netflix stock last week. Shares of the company slid close to 6% in extended trading on Tuesday. At £380 per share, Netflix is now more than 50% down year to date in the stock market. In comparison, it was trading at a much lower £229 per share in March. Netflix had gained close to 20% in the stock market last year.