Netflix Inc. shares dropped over 6% on Tuesday, 21 October, after the streaming platform missed Wall Street’s third-quarter earnings estimates due to an unforeseen expense from a Brazilian tax dispute.
The shares of Netflix closed 6.5% down to $1,160 at 7:59 pm (EDT) on Tuesday, 21 October, according to data collected from Marketwatch.
The online streaming platform posted quarterly operating income of $3.24 billion, roughly $400 million less than its forecast and analyst estimates, Bloomberg reported.
