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.
Netflix’s stock dropped during Thursday’s after-hours trading session, after closing the regular session higher.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
Cannabis was recognized as an essential business in several markets when the shutdown came into effect, including Canada and some US states, at a time when its legalization is getting
Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter.