Netflix missed the earnings target set by stock market analysts during the video streamer’s latest quarter, a disappointment that the company blamed on a tax dispute in Brazil.
The results announced on Tuesday broke Netflix's six-quarter streak of posting a profit that eclipsed analysts' projections.
The California-based company cited an unexpected $619 million (€533mn) expense tied to the Brazilian tax dispute for the earnings shortfall. It simultaneously praised its line-up of distinctive TV series and films for keeping its audience engaged and delivering a mix of subscriber fees and increased ad sales that helped it deliver revenue that matched analyst forecasts.
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