Netflix missed its subscriber numbers, again

Screen Shot 2019-10-23 at 10.05.38 AM.pngNetflix has missed its subscriber numbers for the second consecutive quarter — a result that could worry Wall Street as the streaming company braces for a slew of competitors that are coming in the next few months.

Netflix added 6.8 million subscribers in its third quarter of the year instead of the 7 million it expected. The company had told investors it expected to add 800,000 subscribers in the US and 6.2 million in the rest of the world; instead it added 500,000 US subscribers and 6.3 million internationally.

Netflix blamed the domestic miss on a price hike “which has led to slower US membership growth.”

Netflix also told investors that it expects to add 26.7 million subscribers by the end of 2019, which is a drop from the 28.6 million subs it added in 2018.

But Netflix investors — an itchy bunch, who often pile and in and out of the stock for almost any reason at all — might have expected a bigger loss: They are pushing the company’s stock price up by more than 6 percent in after-hours trading.

Read full article here. 

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