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Netflix didn't get the sales boost it hoped for

Although it now reaches almost every country in the world, Netflix offers mostly English content. It plans to change that in upcoming months.

Netflix on Monday reported first quarter sales that fell short of analysts' estimates. The company also said it will gradually roll out higher prices throughout 2016, leading to a second-quarter forecast that also misses Wall Street expectations.

The company's shares plunged as much as 12 percent after the stock market closed, after falling to $108.40 during trading hours.

Netflix reported $1.81 billion in revenue for the first quarter; analysts had estimated $1.97 billion. The company also forecast $1.96 billion in sales for the current period, compared with estimates of $2.12 billion.

In January, Netflix said it had expanded into 130 additional countries, giving it a near-global reach. "In most of these markets, so far, Netflix is offered only in English and payment methods are limited primarily to international credit cards," the company said in a letter to shareholders. It plans to add more local languages, content and payment options in the coming quarters.

Netflix also said, as planned, it will phase out the $7.99 pricing that more than half of its US customers now pay per month, "with our longest-tenured members getting the longest benefits."