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00:02Netflix reported third-quarter earnings that beat analyst estimates and revenue
00:06that met expectations as investors focused on engagement and advertising performance,
00:11according to CNBC. The streaming giant reported third-quarter earnings of $0.87 per share,
00:18beating Wall Street estimates of $0.82. Revenue rose nearly 12% to $12.87 billion,
00:24matching expectations. The company forecast fourth-quarter revenue of $13.44 billion
00:30and lowered its full-year advertising revenue outlook from $3 billion to $2.7 billion.
00:36Netflix cited delays in rolling out advertising capabilities.
00:40The company also narrowed its annual revenue forecast to $51.1 billion below analyst expectations.
00:46The results follow layoffs affecting roughly 1,000 employees and the departure of Chief
00:52Content Officer, Bella Baharia. Netflix acknowledged investor concerns about slowing viewership growth
00:58as competition intensifies. Shares fell about 6% in Extended Trading Tuesday.
01:03For all things money, visit Benzinga.com.
