CNBC details Netflix’s actual numbers for the quarter, compared to analyst expectations:
- Earnings per share (EPS): $1.59 vs. $1.81 expected, according to Refinitiv survey of analysts
- Revenue: $6.15 billion vs. $6.08 billion, according to Refinitiv
- Global paid net subscriber additions: 10.09 million vs. 8.26 million expected, according to FactSet
Netflix’s guidance for the third quarter of the year came in at $6.33 billion in revenue and earnings-per-share of $2.09, compared to analyst expectations of $6.40 billion and $2.01, respectively. Netflix expects 2.5 million net subscriber additions for Q3, compared to analyst expectations of 5.27 million.
In Netflix’s earnings release, the company explained that growth is slowing as COVID-19 restrictions begin to ease:
The company also cited continued competition from “two of the most valuable companies in the world,” alongside new competition from TikTok:
Going forward, Netflix says it is confident in its strategy of focusing on improving content and service every quarter:
Apple does not provide detailed subscriber numbers for Apple TV+, but a recent report suggested that the service beat its viewership records following last week’s release of the Tom Hanks film Greyhound. In fact, 30% of Greyhound viewers were new subscribers to the Apple TV+ service, the report said.
You can read Netflix’s full Q2 2020 earnings release here.
