Netflix Shares Fall After Streaming Service Reports Lower Than Expected Subscriber Numbers
17 July, 2018, 06:25 | Author: Regina Silva
However, GBH Insights saw the Netflix subscriber forecast miss as a "speed bump", rather than start a downward trend, reasoning that the "content arms race continues to be a major tailwind" for the company.
Netflix shares plunged in after-hours trading after the streaming giant's subscriber growth fell far short of Wall Street's expectations.
Analysts had been modeling $3.94 billion in revenue and EPS of 79 cents. In second quarter a year ago, Netflix posted $2.79 billion in sales. In the second quarter of 2017, it earned 15 cents a share.
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All told, Netflix over the last three months added 670,000 new subscribers in the United States and 4.47 million new subscribers overseas. Revenue rose 5.6 percent, to $3.91 billion. Worldwide subscriber net additions are projected at 4.35 million, again, below the average 5.095 million.
"After four consecutive quarters of beating its own guidance, and analysts' expectations on key metrics such as revenues, profits, and subscriber gains, Netflix disappointed with a weak Q2", said eMarketer principal analyst Paul Verna.
In their letter, Netflix officials acknowledged that the company's subscriber growth was lower than anticipated but didn't off much of an explanation of how it came up short. Instead, they noted that sometimes the company had exceeded its forecast and other times it hadn't.
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Netflix posted its earnings report for the June quarter today and revealed that it added 5.15 million subscribers for the quarter. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for.
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