Netflix Shares Sink As Quarterly Profit Misses Mark

'KPop Demon Hunters' became the biggest-ever movie hit on Netflix in a quarter that saw the streaming giant miss profit expectations due to a tax dispute (Credit: AFP)

Netflix shares sank on Tuesday after the streaming television powerhouse reported quarterly profit that fell short of market expectations.

Netflix recorded a profit of $2.5 billion on revenue of $11.5 billion in the recently ended quarter, saying it was hit with a $619 million expense due to an ongoing dispute with Brazilian tax authorities.