Click to Skip Ad
Closing in...
  1. AirPods Pro Prime Day Deal
    11:46 Deals

    AirPods Pro are back in stock at Amazon after selling out – and they’re $52 off

  2. Early Prime Day Deals
    08:06 Deals

    10 incredible early Prime Day deals that are about to end at Amazon

  3. Amazon Deals
    10:32 Deals

    Today’s best deals: Free $15 Amazon credit, early Prime Day deals, first M1 iMac sale, $20 Blink cam, $600 projector for $300, more

  4. Best Prime Day TV Deals
    16:38 Deals

    Best Prime Day TV deals: Samsung, LG, Vizio, and more

  5. Amazon Deals
    10:10 Deals

    Today’s top deals: Early Prime Day deals, $6 Kasa smart plugs, $20 Blink Mini cam, $15 luxurious shower head, Fitbits, more




Netflix shares plummet after company reveals disappointing subscriber growth

July 16th, 2018 at 4:56 PM
Netflix Earnings

Netflix posted its earnings report for the June quarter today and revealed that it added 5.15 million subscribers for the quarter. That may seem impressive at first glance, but it’s more than 1 million fewer subscribers than what the streaming giant was anticipating. 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.

All told, Netflix over the last three months added 670,000 new subscribers in the United States and 4.47 million new subscribers overseas. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for. All told, Netflix currently boasts upwards of 130 million subscribers across the globe.

Predictably, Netflix shares are down in after-hours trading, with the stock trading down 56 points at the time of this writing. Nonetheless, it’s not all doom and gloom for Netflix. Far from it, revenue for the quarter checked in at $3.1 billion, a modest 10% increase from the same quarter a year-ago.

Netflix also took some time to pat itself on the back for the avalanche of Emmy nominations it received last week, with its letter to shareholders reading in part:

We were honored last week with the most Emmy nominations of any network. The 112 Netflix nominations include five best series and best limited series nominations and are spread across 40 different scripted and unscripted series, TV movies, limited series, documentaries, talk shows, comedy specials and series for kids. This is a testament to the fantastic creators we work with across all forms of television.

Looking ahead to the next quarter, Netflix is already anticipating additional challenges to subscriber growth. 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.

A life long Mac user and Apple enthusiast, Yoni Heisler has been writing about Apple and the tech industry at large for over 6 years. His writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and most recently, TUAW. When not writing about and analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions, the most recent examples being The Walking Dead and Broad City.




Popular News