Netflix Earnings: IR Site Has A 75% Failure Rate During Reporting Dates In Past Four Quarters

From a utility standpoint, not every earnings release is created equal. Netflix, Inc. NFLX earnings results, for example, have been difficult for retail investors to access for three of the past four release dates.

A brief sample of Benzinga Pro headlines tell the story for last year's first, second and third quarters is below.

Q1, 4:02:19pm, April 15, 2015: Netflix Release for Q1 Results is Out; However, Release Includes Link to Investor Relations Page and Not Actual Results; IR is Having Trouble Loading

Q2, 4:03:55pm, July 15, 2015: Shares of Netflix Trading Up ~4% Following Release of Earnings; Most Sources Having Trouble Getting to Release

Q3, 4:06:54pm, October 14, 2015: Netflix IR Page Was Not Updated with Q3 Results Following Issuance of Earnings Press Release; Most Sources Showing Conflicting Numbers Because of This

Netflix's fourth quarter release (the last report) had no technical issues, but a 75 percent failure rate in one year -- when market-moving information is on the line -- is not good news for retail or institutional investors.

More often than not in recent memory, Netflix's IR page has led investors to either inaccurate information or has not updated properly. In at least one instance, shares did move significantly before the earnings release was accessible to all investors.

Even worse, Netflix's all-important number -- international subscriber growth -- is not always accessible on secondary sources that will report earnings and revenue growth. The company has only missed international subscriber guidance once since 2014, as Goldman Sachs points out.

It remains to be seen if investors using Netflix's IR site will be able to access them this quarter at the appropriate time.

Netflix is expected to report after the close on Monday; shares are down 3 percent in the afternoon.