Online streaming video provider Netflix saw shares drop on Tuesday after it revealed that it had swung into the red in the first quarter.

The group presented a first quarter loss of $4.58m, or eight cents per share, better than the 27 cent loss expected by the Thomson Reuters consensus, but down on the $60.23m profit (111 cents per share) reported the year before.

Nonetheless, revenue rose 21% to $870m from $718.5m a year ago.

The company also provided a forecast for second quarter subscriber growth that fell short of analyst expectations.

"Our brand recovery is well under way," Chief Executive Officer Reed Hastings said in an interview on Monday. "We still have a ways to go, but we are working hard."

By 11:40 in New York, shares were down 13.01% at $88.59.

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