Netflix Inc. is probably throwing some sad movies into their queue after the do-no-wrong streaming juggernaut posted ‘weaker-than-expected’ subscriber and revenue numbers in Q2.
MarketWatch reports that Netflix shares fell around 14% upon news that they added just 5.2m users, down from 6.2m estimate the company listed in April.
On the bright side, the company reported a profit of $384m at 85 cents a share, topping their projection of 79 cents, up from $66m in Q2 a year ago.
Unfortunately, they couldn’t say the same for their international revenue: In April, Netflix predicted a $65m+ impact on international revenue YoY, but Netflix says that a strengthened US dollar reduced the impact.
In their letter to shareholders, Netflix admitted the company had “over-forecasted” both domestic and global net subscriber growth.
Hahahaha… No. Netflix shares have risen 109% so far this year, while the rest of the S&P 500 rose around 4.7% combined.
But, the one concern that still plagues analysts is Netflix’s spending: The company blew through $559m more than it brought in (down around 8.8% from last year).