Netflix shares fell despite the streamer increasing revenues by close to a fifth in the third quarter, as a dispute with Brazilian tax authorities cut into its profits.
The US media group on Tuesday reported revenue grew 17.2 per cent year-over-year in the quarter to $11.5bn, driven by membership growth, higher pricing and increased advertising revenue.
But Netflix shares fell about 5 per cent in after-market trading as it reported an operating margin of 28 per cent, below guidance of 31.5 per cent, owing to a $619mn expense from a dispute with Brazilian tax authorities.
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