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Netflix Misses Subscriber And Earnings Forecasts In Q3 Setback

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20.10.2020 - 23:13

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deadline.com

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Dade Hayes Finance EditorNetflix fell short of its own guidance for earnings per share and subscriber growth in the third quarter,Global subscribers totaled 195.15 million by September 30, up from 192.95 million as of June 30.

The company had predicted it would add 2.6 million new subscribers, so the growth of 2.2 million was well short. The tally is likely to reignite questions of whether COVID-19 created a “pull-forward” effect of most subscribers getting on board in the first half of 2020.Earnings of $1.74 undercut the Wall Street consensus for $2.13 and the company’s outlook of $2.09.Revenue of $6.4 billion met Wall Street analysts’ expectations, and exceeded the company’s internal guidance by $100 million.

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