Netflix Inc reported an increase in third-quarter revenue that beat analyst expectations but said DVD subscriptions would sharply decline in the fourth quarter, sending its shares down sharply.
The top video rental company, which angered customers recently with a price hike and other stumbles, said revenue rose 49 percent from a year earlier to $822 million in the quarter that ended in September. The company reported earnings per share of $1.16 on net income of $62 million.
Analysts had expected revenue to hit $811.59 million with earnings per share of 94 cents, according to Thomson Reuters I/B/E/S.
Netflix shares fell 19.2 percent to $96 in after-hours trading.
(Reporting by Lisa Richwine, editing by Bernard Orr)