July 16, 2020

Netflix shares dive on profit miss despite user growth

San Francisco (AFP) – Netflix shares dived on Thursday after the leading streaming entertainment service reported relatively flat quarterly profits despite rising subscriber numbers.Netflix reported a profit of $720 million on revenue of $6.1 billion in the recently ended quarter, compared with $709 million profit on $5.8 billion in revenue during the first three months of the year.Wall Street analysts had expected stronger profit, especially as people who are hunkered down at home due to the coronavirus pandemic turn to the service for entertainment.Ranks of paid memberships grew by 10.1 mill…

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