CULTURE


Netflix lost 970,000 subscribers in Q2

Baku, July 21, AZERTAC

Netflix lost 970,000 global paid subscribers in the second quarter of 2022, a decline that was not nearly as bad as the 2 million Netflix suggested during its Q1 financials in April. As of June 30, Netflix had 220.67 million subs combined in all of its territories around the world.

The company said Tuesday it expects to add 1 million subscribers in the ongoing third quarter.

In April, Netflix forecast Q2 revenue of $1.354 billion of net income — or diluted earnings per share (EPS) of $3 — on $8.053 billion in revenue. Execs foresaw a subscriber tally of 219.64 million. On Tuesday, the company reported net income of $1.441 billion — or diluted EPS of $3.20 — on $7.970 billion in revenue. Netflix topped all of those predictions, except revenue — despite top-line sales figure growing at 8.6 percent from the same quarter last year.

In Q1 2022, Netflix shed 200,000 subscribers — its first loss in a decade — followed by about $80 billion in market cap. The sub decline came as a shock to Wall Street since Netflix previously predicted it would add 2.5 million subscribers in the January-March quarter.

At the time, Netflix reported net income of $1.597 billion, or diluted EPS of $3.53, on $7.868 billion in revenue.

© Content from this site must be hyperlinked when used.
Report a mistake by marking it and pressing ctrl + enter

FEEDBACK

Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.