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Shares of Netflix were down 10% in extended trading Wednesday after the company released its earnings report for the second quarter. The results showed a rare loss in U.S. subscribers and a large miss on international subscriber adds.

Here are the key numbers:

  • Earnings per share: 60 cents, vs. 56 cents expected, per Refinitiv consensus estimate
  • Revenue: $4.92 billion vs. $4.93 billion expected, per Refinitiv (Up 26% year over year.)
  • Domestic paid subscriber additions: A loss of 126,000 vs. a gain of 352,000, forecast by FactSet
  • International paid subscriber additions: 2.83 million vs. 4.81 million, forecast by FactSet
  • Global streaming paid memberships: 151.56 million, up 21.9% year over year.

In addition to blaming its content slate for the quarter for weak subscriber growth, Netflix said its first-quarter subscriber growth was so strong that ā€œthere may have been more pull-forward effect than we realized.ā€ The company also said in its letter to shareholders that the missed forecast was most pronounced in regions that saw price increases.

However, Netflix is projecting a stronger third quarter on the heels of heavy viewership of the third season of ā€œStranger Things.ā€ Netflix forecast 7 million global paid net adds for the next quarter and provided revenue guidance of $5.25 billion. The company expects subscriber numbers will be boosted by its strong content slate in the third quarter, including the final season of ā€œOrange is the New Blackā€ and a new season of ā€œThe Crown.ā€

To read the rest of the CNBC article, click here.

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