The company said it expects to add 2.5 million paid subscribers globally in the third quarter. Analysts were expecting it to add 5.35 million subscribers, according to Refinitiv data
Netflix Inc on Thursday said its subscriber growth during the coronavirus pandemic would slow even more than Wall Street expected during the third quarter, sending its shares tumbling more than 10 per cent in after-hours trading.
For July through August, Netflix forecast it would add 2.5 million new paid streaming customers around the world. Analysts on averaged expected a projection of 5.3 million, according to IBES data from Refinitiv.For the June quarter, the company reported diluted earnings per share of $1.59, below analyst forecasts of $1.81. Revenue climbed 25 per cent to $6.1 billion.
Shares of Netflix, which ranked among the biggest gainers of the pandemic, plunged 10 per cent to $472.89 in after-hours trading. New releases during the quarter included “Space Force,” “Too Hot to Handle,” a Jerry Seinfeld comedy special and new seasons of “Money Heist” and “Dead to Me.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian shares fall as investors mull Chinese growth dataShares retreated in Asia on Thursday as investors mulled figures showing China's economy returned to growth in the last quarter.
Read more »
'It's an important game': TFC turning page on disappointing opener, focusing on ImpactComing off a disappointing draw to start the MLS is Back tournament, Toronto FC looks ahead to their next match against rival Montreal.
Read more »
Evening Update: Bank of Canada forecasts 7.8% shrink in economy; TDSB weighs cost of reopening optionsAlso: Fauci calls White House effort to discredit him ‘bizarre’ and other COVID-19 news
Read more »
Bank of Canada’s projections suggest Ottawa deficit forecast is too lowThe Bank of Canada (BoC) projected that Canada’s GDP will fall 7.8% in 2020
Read more »
Bank of Canada keeps key rate at 0.25%, sees 7.8% GDP drop this yearCanada's central bank said its forecasts could be thrown off significantly if there is a second wave of novel coronavirus pandemic.
Read more »
Private sector businesses in Quebec allowed to reopen at one-quarter capacity beginning July 18Labour Minister Jean Boulet said today 25 per cent office occupancy is the maximum, adding the government continues to strongly recommend people work remotely if they can
Read more »