offline
Netflix gains 7% as Q2 profits beat, subscriber losses not as bad as feared
+ 13%
Zitat:Netflix (NASDAQ:NFLX) is 7% higher after hours as it kicked off earnings season in Communication Services stocks by topping its guidance with a smaller-than-expected loss in subscribers (but still another decline).
The streaming pioneer saw a net drop in 970,000 subscribers in the second quarter, after warning it expected a drop of 2M. And it's forecasting a return to growth in Q3, guiding to net adds of 1M (down from a prior-year 4.4M adds in Q3).
It also beat profit expectations, reporting EPS of $3.20 per share vs. expectations for $2.95 per share, on revenues that largely came in line with expectations at just under $8B.
Membership growth was better than expected and "foreign exchange was worse than expected," the company notes, saying revenue growth was 9% but would have been 13% in constant currency.
+ 13%
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