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.
In the years since, Prime Day has grown into a shopping extravaganza in its own right, with deep discounts on all kinds of items. Last year's Prime Day saw the best price of the year on the fitness trackers and Deal News expects similar discounts this year.
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We'll see more scattered showers and passing storms through Wednesday morning followed by warmer, drier weather by week's end. Look for partly to mostly cloudy skies Monday with highs ranging from the mid 80s to lower 90s, winds will be light.
Talking about the exclusive announcements, the first day of Amazon Prime Day sale is expected to witness over 200 new products. It's Prime Day - an online shopping event in which Amazon offers hundreds of thousands of deals to its Prime customers.
It designed the day to replicate Black Friday for Amazon die-hards, but boasted more deals than the November shopping tradition. We already know about two deals Amazon plans to offer, but expect discounts on their entire suite of products.
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Last year's Prime Day saw the best price of the year on the fitness trackers and Deal News expects similar discounts this year. To keep with Amazon's prime day sale, Flipkart is also scheduled to host a sale starting from today onwards till July 19 .
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