Netflix soothes Wall Street concerns with customer growth forecast - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Netflix Inc on Tuesday averted its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June, and predicted it would return to customer growth during the third quarter.

Shares, which have fallen roughly 67% this year on concerns about the company’s long-term prospects, rose 8% in after-hours trading following the results.

Hastings credited new episodes of the science-fiction series “Stranger Things,” the most-watched English-language show in Netflix history, with helping to stave off more defections. After years of red-hot growth, Netflix’s fortunes changed as rivals including Disney, Warner Bros Discovery and Apple Inc invested heavily in their own streaming services.

 

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