Netflix shares tank after loss

 
City A.M. Reporter
VIDEO rental company Netflix last night reported a first-quarter loss as the company pushed ahead with its expansion into international markets.

Netflix posted first-quarter revenue of $870m, up 21 per cent from a year earlier. Net income fell, and the company reported an earnings loss of eight cents a share.

Stocks, which had dropped four per cent during the day, collapsed in after hours trading on the firm’s gloomy outlook, nosediving by a further 16 per cent.