Netflix is sliding after receiving its first Oscar nomination for best picture

• Netflix on Tuesday received an Oscar nomination for best picture for the black-and-white drama "Roma." It was the streaming giant's first nomination for best picture.
• Despite the announcement, shares of Netflix slid nearly 3%, underperforming the broader market.
• Watch Netflix trade live here.

Netflix shares fell more than 3% Tuesday morning after the streaming platform received its first best-picture Oscar nomination, for its black-and-white drama "Roma."

The film drew other nominations across categories. Its director, Alfonso Cuarón, earned a nomination for best director; Yalitza Aparicio was nominated for best actress; and "Roma" was nominated for best foreign-language film.

Last week, shares fell after the company reported fourth-quarter results. Quarterly sales fell slightly short of analysts' expectations, though the streaming giant beat out estimates for both earnings and global paid-net-subscriber additions. Following the results, a handful of Wall Street firms, including Goldman Sachs and Morgan Stanley, raised their price targets on the name and reiterated their optimistic view of the company.

Read more: Netflix finally broke its Oscar curse with 13 nominations, including its first for best picture and some surprises

Ahead of earnings, however, Wall Street analysts largely touted splashy Netflix titles other than "Roma," like "Bird Box" and "Bandersnatch," as a reason to be optimistic on the streaming platform — and the new subscribers the big names may have drawn late in the year.

JPMorgan analysts, for example, in a note ahead of earnings highlighted Google Trends showing "Bird Box" became the second-most-searched Netflix original title behind "Stranger Things."

Netflix was trading near $328.50 a share on Tuesday. It was up more than 27% this year.

Read more:

• Netflix copycats are changing the streaming game and making viewers pay the price
• A $1 trillion strategist lays out the looming worst-case scenario of the government shutdown, and how investors should safeguard their money

Join the conversation about this story »

NOW WATCH: 7 science-backed ways to a happier and healthier 2019 that you can do the first week of the new year