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.
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