shares fell as much as 6.22 per cent to $572.58 in premarket trading on Friday after the company unexpectedly said it would no longer provide subscriber counts, while its second-quarter revenue forecast fell short of Wall Street expectations.
“The key debate coming out of this earnings report will likely be the removal of two pieces of disclosure,” Goldman Sachs said. It added that the sustainability of tailwinds from paid sharing initiatives would continue to be a focus for investors going forward, with the removal of these disclosures potentially adding to the debate.
Shares of the company fell about 5 per cent after hours on Thursday on the streaming platform’s 2024 revenue outlook, which also fell short of analysts’ expectations. “Netflix is benefiting from its cheaper ad-supported tier, which is helping to capture customers that would otherwise stay away from the platform because of financial concerns,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.
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