Netflix, Inc. (NASDAQ: NFLX) Tuesday said its subscriber base expanded at a slightly faster pace in the second quarter of 2021. Earnings and revenues of the streaming giant increased year-over-year. The bottom line, however, missed the estimates.
At the end of the second quarter, the company had 209.18 million paid subscribers, which is up 8.4% from last year. Revenues climbed 19.4% annually to $7.34 billion and slightly exceeded Wall Street’s projection.
Net income came in at $1.35 billion or $2.97 per share in the second quarter, up from $720 million or $1.59 per share recorded in the same period of 2020. Market watchers had forecast stronger growth for the latest quarter.
Read management/analysts’ comments on Netflix’s Q2 report
Shares of the company dropped during Tuesday’s extended trading soon after the announcement, after closing the regular session lower.