Coronavirus Netflix record 2020

Netflix Misses Subscriber Forecast in Q3, Stock Falls

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variety.com

Todd Spangler NY Digital EditorNetflix netted 2.2 million subscribers in the third quarter of 2020 — below Wall Street’s expectations and under the company’s own previous forecast.

The streaming giant also posted net earnings below analyst consensus estimates. Shares dropped as much as 6% in after-hours trading.The company had previously forecast adding 2.5 million paid streaming customers in the third quarter, after record net adds of 10.1 million in Q2 and 15.8 million in Q1 this year — a massive lift Netflix attributed to stay-at-home orders amid the coronavirus crisis.

That subscriber “pull forward” in the first half of 2020 led the company to forecast lower net adds in the back half of the year.Netflix reiterated that point in its Q3.

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