Stock Tanks on Weak Subscriber Adds — Netflix Earnings
17 July, 2018, 02:19 | Author: Regina Silva
Netflix is adding subscribers at a slower pace than envisioned, renewing fears that its growth may sputter as the video streaming service tries to fend off fiercer competition.
The company's stock closed regular trading up $4.68 a share, or 1%, to $400.48 and was up almost 150% over the a year ago.
"We had a strong but not stellar Q2, ending with 130 million memberships", Netflix said in a letter to shareholders. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for.
Netflix posted its earnings report for the June quarter today and revealed that it added 5.15 million subscribers for the quarter.
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In the third quarter, Netflix expects to add 5 million subscribers - 650,000 in the United States and 4.35 million internationally.
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.
Despite its second-quarter misfire on subscriber growth, the Los Gatos, California, company reported earnings that beat analyst estimates. In the second quarter of 2017, it earned 15 cents a share. The company has said it plans to spend $14 billion on shows and movies this year. For the first time, Netflix generated more revenue outside the U.S.: global revenue totaled $1.92 billion and U.S. revenue was $1.89 billion for Q2. The reason behind this is that Netflix is now has a free cash flow of negative $559 million meaning they once again spent more in the second quarter of 2018 than they made.
"Right now, Netflix is still miles ahead of its closest competitor, but there is going to be a giant bulls-eye on Netflix's back during the next 18 to 24 months", Ives predicted in an interview.
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