Netflix Misses Q2 Subscriber Forecasts, Hits Revenue Target, Beats On Earnings

Netflix undershot its own guidance for net added subscriptions in the second quarter, blaming its own content slate and other variables rather than new competition or U.S. price hikes.

“Our missed forecast was across all regions, but slightly more so in regions with price increases,” the company explained in its quarterly letter to shareholders. “We don’t believe competition was a factor since there wasn’t a material change in the competitive landscape during Q2, and competitive intensity and our penetration is varied across regions .

As far as the third-quarter, which includes Stranger Things 3, the company said it expects to add 7 million new subscribers, far better than the 6.1 million it added in the third quarter of 2018. U.S. subscriber levels, it said, will “return to more typical growth” in the third quarter, it added. “Consumers around the world continue to move from linear television to internet entertainment at a remarkable rate,” the letter emphasized.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LIVE: Netflix reports its Q2 earnings as new competitors loom on the horizonNetflix posts earnings for Q2 2019 on July 17, and will update Wall Street on subscriber growth, revenue, and profit.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Netflix stock drops more than 10% as earnings show huge drop in new subscribersNetflix Inc. shares plunged more than 10% in the extended session Wednesday after the video-streaming giant badly missed projections for new paid subscriptions. GarCapital Down from 5 day high in the low 380’s. Too many streaming competitors this is only the start!!!!! $DIS is gonna take over $NFLX
Source: MarketWatch - 🏆 3. / 97 Read more »

Johnson & Johnson beats earnings and revenue expectationsJohnson & Johnson reports second-quarter earnings Tuesday before market open.
Source: CNBC - 🏆 12. / 72 Read more »