NEW YORK (TheStreet) -- Netflix (NFLX) shares are slipping by 1.82% to $99.25 on Friday, as credit card experts weigh in on the video streaming giant blaming credit card companies for its disappointing subscriber figures.
The company reported weak third quarter fiscal 2015 earnings results on Thursday. Earnings came in at 7 cents a share on revenue of $1.74 billion, which missed analysts' estimates of 8 cents a share on revenue of $1.75 billion.
Along with its third quarter results, Netflix announced that in the recent quarter, it added 3.62 million global subscribers and added around 880,000 new subscribers in the U.S.
The domestic numbers fell short of its guidance of 1.15 million, which Netflix blamed on the new chip-based credit and debit cards which have been rolling out in the U.S.
However, credit card experts believe that this excuse is too convenient and that Netflix should have been prepared for this change, Bloomberg reports.
"It seems like they are grasping for a bogeyman here," David Robertson, president of card researcher the Nilson Report told Bloomberg.
Separately, TheStreet Ratings team rates NETFLIX INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
You can view the full analysis from the report here: NFLXNFLX data by YCharts