Netflix plunges after slowing growth threatens highflier status

17 Juillet, 2018, 01:23 | Auteur: Auguste Feret
  • The streaming service's stock lost 14% of its value in after-hours trading

Netflix shares, which as one of the best-performing stocks have soared 109 percent this year, fell almost 14 percent to $344.60 in after-hours trading.

In the third quarter, Netflix expects to add 5 million subscribers - 650,000 in the U.S. and 4.35 million internationally.

"We had a strong but not stellar Q2", Netflix execs wrote in their quarterly letter to shareholders. Domestic streaming net additions are projected at 650,000, below the average estimate for 953,000.

Cash burn - something Netflix has been reducing for the past few quarters - also had a noticeable uptick.

Subscriber additions: 5.1 million total - 670,000 in the USA and 4.47 million internationally. That's compared with analyst estimates that Netflix would have Q3 net adds of 947,000 in the USA and 5.05 million internationally. In second quarter a year ago, Netflix posted $2.79 billion in sales.

Netflix is facing growing competition from global tech rivals and traditional providers
Image Netflix is facing growing competition from global tech rivals and traditional providers

Membership in the quarter grew 5.2 million to a total of 130m, matching the same period previous year but a million shy of what Netflix forecast, according to a letter released along with earnings figures. For instance, the company added 7.41 million subscribers worldwide in the first quarter of this year, neatly surpassing the 6.5 million generally expected for the period.

A significant chunk of subscriber growth can be attributed to Netflix's original content efforts.

For the current quarter, the company is projecting revenue of $3.988 billion, below the consensus for $4.126 billion. All told, Netflix now boasts upwards of 130 million subscribers across the globe.

Analysts had expected 79 cents on revenue of $3.94 billion. "In addition to succeeding commercially, we are starting to lead artistically in some categories, with our creators earning enough Emmy nominations this year to collectively break HBO's awesome 17-year run".

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