Shares of Netflix were down 10% in extended trading Wednesday after the company released its earnings report for the second quarter. The results showed a rare loss in U.S. subscribers and a large miss on international subscriber adds.
Here are the key numbers:
• Earnings per share: 60 cents, vs. 56 cents expected, per Refinitiv consensus estimate
• Revenue: $4.92 billion vs. $4.93 billion expected, per Refinitiv
• Domestic paid subscriber additions: A loss of 126,000 vs. a gain of 352,000, forecast by FactSet
• International paid subscriber additions: 2.83 million vs. 4.81 million, forecast by FactSet
Netflix acknowledged it will soon lose two of its most-watched shows, “The Office” and “Friends.” NBCUniversal announced in June that it plans to remove “The Office” from Netflix in 2021 and move it to its own streaming service. Earlier this month, AT&T’s WarnerMedia announced its new streaming service, HBO Max, will include exclusive rights to stream “Friends” when it launches publicly in the spring of 2020.
MacDailyNews Take: A loss of 126,000 vs. a gain of 352,000 is the U.S. and 2.83 million vs. 4.81 million in international subs are huge misses for Netflix just as Apple’s launch of Apple TV+ looms large.