Wednesday, 21 November, 2018

Netflix shares dive as subscriber growth falls short

Netflix shares dive as subscriber growth falls short Netflix shares dive as subscriber growth falls short
Jean Garcia | 17 July, 2018, 01:26

The California-based company added 670,000 net subscribers in the US, far below the 1.19 million net additions expected by analysts polled by Thomson Reuters.

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. This Q2, we over-forecasted global net additions which amounted to 5.2m vs. a forecast of 6.2m and flat compared to Q2 a year ago, as acquisition growth was slightly lower than we projected.

Calling the quarter "strong but not stellar", Netflix boss Reed Hastings cited hurdles such as increased competition from YouTube, HBO, Disney, Amazon and Apple, as well as foreign currency fluctuations as the streaming giants accelerates its worldwide business.

The miss on subscribers for the second quarter "isn't entirely surprising", according to eMarketer principal analyst Paul Verna, as rivals including Amazon, Hulu, and HBO are gaining share of the subscription-video market at Netflix's expense.

Netflix also provided third quarter guidance that was below analyst forecasts.

Netflix shares dive as subscriber growth falls short

Revenue in the three months ended in June rose to $3.9 billion, yielding earnings per share of 88 cents. Analysts were expecting 6.3 million - 1.2 million in the U.S. and 5.1 million internationally, according to Bloomberg.

Today Netflix reported their 2nd quarter 2018 numbers.

Subscription numbers are one of the most closely watched metrics for Netflix, and Daniel Ives, a technology analyst at GBH Inisights, said the miss was concerning.

For the current quarter, the company is projecting revenue of $3.988 billion, below the consensus for $4.126 billion. "Our strategy is to simply keep improving, as we've been doing every year in the past".

Meghan Markle's Dad Can Take Several Seats - The Royals
Thomas Markle has said Meghan, his daughter, is struggling to cope with the burdens of royalty, and refuses to take his calls. He said they had never gone so long without speaking, and that he wanted to clear the air and tell her how proud he was.

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