Categories AlphaGraphs, Earnings, Leisure & Entertainment
Netflix (NFLX) subscribers grow 27% in Q2; stock falls on earnings miss
Video streaming giant Netfllix Inc. (NASDAQ: NFLX) reported a 25% growth in second-quarter revenues as the company continued to expand its subscriber base. Meanwhile, earnings missed Wall Street’s prediction and the stock declined on Thursday evening following the announcement.
At 192.95 million, the number of global paid members was up 27.3% from the year-ago period. Total revenues surged 25% annually to $6.15 billion.
Second-quarter net income was $720 million or $1.59 per share, compared to $271 million or $0.60 per share last year. While revenues topped the estimates, earnings missed.
Also read: Is Netflix a buy after rising 50% in 2020?
Netflix’s stock dropped during Thursday’s after-hours trading session, after closing the regular session higher.
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