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After-hours buzz: NFLX, IBM, V & more

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Spencer Platt | Getty Images

Check out which companies are making headlines after the bell on Monday:

Netflix shares spiked 20 percent after the streaming giant reported earnings on Monday. The company beat expectations on both its top and bottom lines, reporting quarterly earnings of 12 cents per share on $2.29 billion in revenue. Analysts expected Netflix to report EPS of 6 cents on revenues of $2.28 billion.

The entertainment technology company also surpassed subscriber growth expectations. Netflix gained 370,000 net memberships domestically and 3.2 million internationally, blowing away company expectations of 2.3 million.

Shares of IBM saw choppy trade after the legacy technology company reported earnings. The stock was initially up more than 1 percent after the bell before trading down more than 3 percent. The company reported quarterly earnings of $3.29 per share, versus estimates of $3.23 per share. IBM also beat on its top line, reporting revenues of $19.2 billion, compared to estimates of $19 billion.

Visa saw its stock drop nearly 2 percent after the global payment company announced CEO Charlie Scharf decided to resign, effective December 1. The company named Alfred Kelly Jr, a former president of American Express and a current Visa board member, as CEO.

In an internal Visa memo obtained by CNBC's Jim Cramer, Scharf explained he could no longer spend the time in San Francisco necessary to do the job effectively. He said he needed to spend more time in New York with his family.

Shares of Corrections Corporation of America jumped 4.5 percent after the company released its revised outlook for its third quarter and full year 2016. The private prison company now expects adjusted earnings per share between 47 cents and 48 cents for the quarter, and between $1.78 and $1.81 for the full year 2016, up from full-year EPS estimates of $1.73 to $1.75 per share.

The company attributed the update to its current business conditions and recent contract changes at a facility in South Texas.