Sunday, 15 September, 2019

Netflix plunges as subscriber growth disappoints

Netflix shares plunge in after-hours trade after forecast miss Netflix Earnings: Stock Tanks on Weak Subscriber Adds
Rhonda Young | 17 July, 2018, 06:25

However, GBH Insights saw the Netflix subscriber forecast miss as a "speed bump", rather than start a downward trend, reasoning that the "content arms race continues to be a major tailwind" for the company.

Netflix (NFLX) missed expectations on its subscription numbers when it reported earnings on Monday, with total streaming adds of 5.14 million versus analysts' expectations of 6.27 million.

Heat warning issued for Calgary and a large portion of eastern Alberta
Environment Canada is reminding the public the safest place for people and pets during a thunderstorm is indoors. Wind gusts can toss loose objects, break branches off trees and overturn large vehicles.

Earnings per share: 85 cents.

The company's stock had previously surged almost 146% over the last 12 months, driven by strong revenues and consistently higher-than-expected subscriber growth. That exceeded the 79 cents a share estimated by analysts polled by Factset.

Parliament vote to reveal extent of anger over May’s Brexit plan
She said that would remove Britain's ability to have an independent trade policy and her government "will never stand for that". This would put at risk our ability to make the necessary preparations for a no deal.

The company said it added 670,000 streaming customers in the US, below its guidance of 1.2 million new subscribers. Analysts were expecting 6.3 million - 1.2 million in the U.S. and 5.1 million internationally, according to Bloomberg. Global subscriber net additions are projected at 4.35 million, again, below the average 5.095 million.

The Los Gatos, Calif., company added 670,000 subscribers in the United States and 4.47 million subscribers internationally - well short of the 6.2 million Wall Street expected.

Netflix subscription numbers disappoint, stock plunges
That's compared with analyst estimates that Netflix would have Q3 net adds of 947,000 in the US and 5.05 million internationally. Chief Executive Reed Hastings, in a letter to shareholders, called it a "strong but not stellar Q2".

Netflix's stock fell almost 14% after its earnings report. While it's one thing for Netflix to fall short of Wall Street expectations, it's another matter entirely for Netflix to fall short of its own internal projections.

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