Thursday, 24 October, 2019

Netflix shares dive after disappointing quarterly results

Russell Knight | 17 July, 2018, 06:26

Netflix shares tumbled more than 14 percent in after-hours trading on Monday after the streaming giant missed its second-quarter growth forecast by more than a million subscribers.

Netflix still managed to beat earnings expectations for the three-month period ended June 30.

"We had a strong but not stellar Q2 (second quarter)", Netflix said in a letter to shareholders.

The company did roughly meet analyst expectations on earnings, at $3.91 billion compared to estimates of $3.94 billion. Specifically, Netflix is anticipating a net add of 5 million new subscribers for the September quarter, a tad below some analyst projections that saw Netflix bringing 6 million new subscribers on board. Far from it, revenue for the quarter checked in at $3.1 billion, a modest 10% increase from the same quarter a year-ago.

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Added Markle: "They are no less human than anybody else". "God knows, I feel sorry for them, for not being able to show emotion". Kate was also lucky enough to attend the Wimbledon Women's Finals the day before alongside sister-in-law Meghan Markle .

A significant chunk of subscriber growth can be attributed to Netflix's original content efforts.

Competition in the streaming television market includes YouTube, a platform under the umbrella of Google parent Alphabet, and entertainment titan Disney, along with AT&T.

While the misses seem minuscule for a company with more than 125 million global subscribers, they could validate investors' fears of a company in slowdown mode for the first time in years.

Netflix added that while there is an increasing focus in the traditional film industry on superheroes and sequels, the on-demand service can serve a broad variety of tastes.

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