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Netflix shares on track for worst day in five months

Netflix shares on track for worst day in five months

The stock fell 3.47 percent to $142.15, losing momentum after touching a record high in extended trade on Monday following its results, the first March-quarter report from a major US technology company.

On its feature film initiative, the company said it is open to making titles available to large theater chains simultaneous to the streaming release.

Shares of the company closed down over 2 percent at $143.36 per share on Tuesday. During which, Netflix has scored 72 million more subscribers.

Netflix said it expects to add 3.2 million subscribers in the second quarter-more than analysts forecasted-thanks, in part, to popular new programming that premiered near the end of the first quarter, like 13 Reasons Why and Dave Chappelle: Collection 1, which is Netflix's most-viewed comedy special ever.

The service added almost 5 million subscribers during the first three months of the year, and will end March with 98.7 million customers in roughly 190 countries.

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If you feel like everybody's talking about the latest thing they watched on Netflix, maybe they are. Analysts predict Netflix will make $482 million on revenue of more than $11 billion for the entire year.

Investors have permitted Netflix to operate near break-even on the expectation that the company, which expects to top 100 million customers this week, will continue to grow rapidly, especially outside the U.S. Chief Executive Officer Reed Hastings has also pledged to deliver material profits starting this year. The net profit is estimated at United States dollars 66 million, with the operating margin at 4.4 percent. Its stock rose $1.90 to $149.15 in Monday's extended trading, even though subscriber growth during the first quarter came in slightly below management forecasts.

The trend has confronted Netflix with more competition in the battle for household entertainment budgets. In comparison the number of new subscribers in the second quarter is lower than the first quarter which was 7.05 million, according to AFP.

"Since the launch of The Ridiculous 6, Netflix members have spent more than half a billion hours enjoying the films of Adam Sandler", reads the earnings report. It is also seeking to improve content offerings to match local tastes in Asia, the Middle East and Africa but expects this to take time.

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