Netflix adds 10.09 million subscribers in Q2; reports weak guidance

0
21

Netflix on Thursday, beat analyst estimates for the worldwide, paid-in net subscriber additions during the second quarter of the year. The streaming video giant has announced that it’s added in 10.09 million subscribers during the quarter, while analysts expected to be around 8.26 million viewers. The company also missed analyst expectations for earnings per share but reported revenue that beat market expectations. Mixed numbers show that people continue to subscribe to Netflix, while they have to stay at home because of the feline corona virus. Also, Read Jio-TV in order to watch Netflix, and Disney+ Hotstar -, and 10 other OTT platforms in one place

Netflix isn’t slowing down during the global pandemic

During the second quarter of this year, Netflix reported $6.15 billion in revenue, beating expectations of $6.08 billion. However, according to a Refinitiv survey of analysts, the earnings-per-share of $1.59 is lower than $ 1.81 expected. The results show that the impact of the three pandemics. CNBC reports are that Netflix missed its earnings-per-share forecast as a result of a one-time charge related to the research and development tax credits in California. However, the road ahead may be more challenging that previously expected. Also Read on – Netflix-add-new-shuffle-button for a number of users who have similar content

The company anticipates third-quarter revenue guidance of $6.33 billion, which was lower than analyst estimates of $6.40 billion. Refinitiv also noted that the proposed third-quarter earnings of $2.09 per share, above analyst estimates of $2.01. However, the major blow to the guidance, which came in the form of net subscriber additions as well. Netflix is expected to add 2.5 million net subscribers in the third quarter of this year. This is less than half the price of the stock analyst estimate of 5.27 million. The guidance was gloomy, and it was plain to see when the stock is down nearly 9 percent in after-hours. Also Read – OnePlus SCREEN the new update will bring Netflix, the connectivity improvements, and support for 3rd-party AirPlay-enabled service apps

The company also announced that Ted Sarandos, is promoted to the position of co-CEO’s, and Him confirming that he plans to stick with the company. “I’ve been in a decade,” he said, according to the CNBC. Sarandos will retain his current role as a member of the board of directors. The company is said to be the Chief Product Officer Greg Peters on the additional role of chief operating officer of the company. As Netflix continues to grow, there is a growing fatigue among the consumers for the subscription and it seems the company is taking a more cautious approach. With its 2020 slate filled with new content, it will not be left behind when it comes to new TV shows and movies.





LEAVE A REPLY

Please enter your comment!
Please enter your name here