Netflix second quarter subscriber growth falls short of forecasts

Screen | 7/17/2019 | Staff
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Netflix fell way short of subscriber forecasts and added only 2.7m paid memberships in the second quarter of 2019, losing 130,000 in the US, although it hit revenue targets.

The growth was well short of the 5m additions the streaming giant had forecast for the period and less than half as big as the 5.5m additions recorded for 2018’s second quarter.

Netflix - Subscribers - US - Marketplace - Total

Netflix now has 60.1m paid streaming subscribers in the US and 91.46m in the international marketplace, for a global total of 151.56m.

In its letter to shareholders released on Wednesday (17) with second quarter financial results, the company attributed the figures not to increased competition but to a content slate that “drove less growth in paid net adds than we anticipated.”

Netflix - Revenue - Quarter - % - Year

Netflix’s revenue for the quarter, however, was up 26% on the previous year’s second quarter to $4.9bn, and operating income jumped from $462m to $706m. And the company predicted that in the third quarter its global paid net additions will be 7m – up from 6.1m in the previous year’s quarter - with 800,000 subscribers being added in the US and 6.2m internationally.

Third quarter growth will be boosted, Netflix...
(Excerpt) Read more at: Screen
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