Netflix Shares Crash After New Subscriptions Fall Short of Expectations

The company expected to hit 5.11 million subscribers globally and 1.23 million subscribers domestically, but it actually hit 4.5 million and 700,000, respectively. The company's shares fell by 13.1 per cent to $348.15 in after-hours trading.

Subscriber additions: 5.1 million total - 670,000 in the USA and 4.47 million internationally.

In their letter, Netflix officials acknowledged that the company's subscriber growth was lower than anticipated but didn't off much of an explanation of how it came up short. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for.

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Revenue: $3.91 billion. Analysts were expecting $3.94 billion.

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. 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.

Netflix had an average of 124.4 million paying subscribers in the quarter, up from 118.9 million in the first quarter but below its guidance of 125 million.

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