Netflix (NFLX) Q2 Earnings Beat, User Addition Disappoints
Zacks Investment Research | Jul 18, 2019 08:34AM ET
Netflix (NASDAQ:NFLX) reported second-quarter 2019 earnings of 60 cents per share that beat the Zacks Consensus Estimate by 4 cents and was better than management’s guidance of 55 cents. However, earnings declined 29.4% year over year.
Revenues of $4.92 billion lagged the consensus mark and management’s guidance of $4.93 billion. However, the top line increased 26% year over year, driven by a solid 27.1% jump in streaming revenues.
Nonetheless, shares were down almost 11.7% in pre-market trading, as Netflix missed its subscriber addition target of 5 million. The streaming giant only added 2.70 million of paid subscribers, down 50.5% year over year.
At the end of the quarter, Netflix had 151.56 million paid subscribers globally, up 21.9% from the year-ago quarter. The company had expected to add 153.86 million paid subscribers, globally.
Netflix, Inc. Price, Consensus and EPS Surprise
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