Netflix lost fewer subscribers than expected in the second quarter and expects to add even more in the current quarter, helping the stock shoot higher in late trading Tuesday. $NFLX reported a net loss of 970,000 paid subscribers in the second quarter.
Netflix Inc. lost fewer subscribers than expected in the second quarter and expects to add even more in the current quarter, helping the stock shoot higher in late trading Tuesday.
In a letter to shareholders, Netflix executives said they expect 1 million new subscribers to join in the third quarter, with revenue forecast to grow to $7.84 billion from $7.48 billion a year ago. Analysts on average were estimating revenue of $8.09 billion and a net subscriber gain of 1.4 million, according to FactSet.
Netflix announced earnings of $1.6 billion, or $3.20 a share, up from $2.97 a share a year ago. Netflix revenue improved to $7.97 billion in the quarter from $7.34 billion in the same period a year ago, but missed diminished expectations. Analysts polled by FactSet expected earnings of $2.95 a share on sales of $8.03 billion, estimates that had fallen in recent weeks.
The streaming-video giant’s downturn after a pandemic-boosted surge has only intensified pressure from rival streaming services at Walt Disney Co. DIS, +4.05%, Apple Inc. AAPL, +2.67%, Amazon.com Inc. AMZN, +3.91%, Warner Bros. Discovery Inc. WBD, +2.67%, Comcast Corp. CMCSA, +1.87% and Paramount Global PARA, +2.16%.
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