You have permission to edit this article.
Edit
featured

Netflix stock dips after subscriber forecast misses analyst expectations

  • 0
  • 1 min to read
Netflix falls short on subscriber growth and confirms plans to get into gaming

Netflix posted sluggish subscriber growth when it reported earnings on July 20, and forecast bigger gains ahead. But Wall Street isn't satisfied.

Netflix posted sluggish subscriber growth when it reported earnings Tuesday, and forecast bigger gains ahead. But Wall Street isn't satisfied.

The streaming service said it has 209 million subscribers globally after adding a little more than a million subscribers in the second quarter of 2021. That beat the company's own expectations for the quarter, even though it was a mostly low bar.

Yet Netflix's stock took an immediate hit in after-hours trading with its forecast for the third quarter coming in softer than the 5.5 million subscribers analysts were expecting. Netflix said its projecting a growth of 3.5 million for the next quarter.

The company's stock dropped as much as 3% after hours.

Netflix's second quarter profit this year was $1.3 billion, up from $720 million in the year-earlier quarter. Its revenue jumped 19%, to $7.3 billion.

The-CNN-Wire

™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

(0) comments

Welcome to the discussion.

Please log in, or sign up for a new, free account to read or post comments.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Trending Videos

Support Local Journalism

Now, more than ever, the world needs trustworthy reporting—but good journalism isn’t free. Please support us by subscribing or making a contribution today.

Get up-to-the-minute news sent straight to your device.

Topics

All alerts