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https://www.axios.com/netflix-earnings-q3-186b60a8-2db7-4765-932d-574fe1e44654.html

Netflix stock sinks after Q3 subscriber miss

2020-10-20 20:37:28, Sara Fischer, Axios

Content Categorization
/Business & Industrial
/News/Business News/Financial Markets News
/Finance/Investing/Stocks & Bonds

Word Count:
330

Words/Sentence:
19

Reading Time:
2.20 min

Reading Quality:
Adept

Readability:
13th to 15th

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Netflix's stock was down more than 5% in after-hours trading Tuesday after the tech giant reported that it missed expectations on global subscriber growth for the quarter.

Details: The company met Wall Street estimates for its bottom line, but missed on earnings per share, suggesting that it spent more money on marketing and content relative to its subscriber revenues than investors had hoped.

What's next: The company forecasts it will add 6 million paid net subscribers globally next quarter, bringing its total global paid subscriber count to over 200 million.

It wasn't expected to match that growth this quarter, when lockdowns lifted and after new competitive services had launched, but analysts were still expecting it to meet expectations of at least 3.3 million net new global subscribers.

In a letter to shareholders, Netflix said that the pandemic and its impact "continues to make projections very uncertain, but as the world hopefully recovers in 2021, we would expect that our growth will revert back to levels similar to pre-COVID."

Keywords
Earnings

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