Netflix reduced its guidance for fourth-quarter revenue and subscribers on Monday, noting that the economic climate may be taking its toll on its movie rental business.
Shares of Netflix plummeted 13 percent in intraday trading, to as low as $25.19 per share.
In sizing up the fourth quarter, which began this month, Netflix is forecasting weaker than anticipated results. The number of subscribers is expected to be in the 8.95 million to 9.25 million range at the end of the year, compared with the company's earlier forecast of 9.1 million to 9.7 million.
Revenue, … Read more