Netflix Inc. shares declined as much as 6 per cent after sales missed Wall Street estimates and the company issued a third-quarter forecast that also fell short.
Second-quarter sales rose 2.7 per cent to US$8.19 billion, Netflix said Wednesday, coming in slightly below analysts’ projections. And the company’s forecast for revenue of US$8.52 billion in the current period was shy of Wall Street estimates that average US$8.67 billion. That is due partly to foreign exchange rates and to price cuts in some markets.
The shortfall overshadowed a solid quarter of subscriber growth. Netflix added 5.89 million customers in the second period, more than doubling Wall Street estimates after cracking down on people who share their passwords. In May, the streaming leader started charging people in more than 100 countries to continue sharing their passwords, a key part of its plan to accelerate growth after a sluggish 2022. Viewers using someone else’s subscription can now either pay to keep sharing or set up their own account.
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