In the past quarter, Netflix attracted far fewer new customers than expected. On Wall Street, the Netflix share price fell 11.45 percent after the publication of the figure report.
According to Netflix, 2.7 million new paying customers were added worldwide in the second quarter, while the company itself expected 5 million.
In the first quarter of this year, that number increased by almost ten million. In total, Netflix now has nearly 152 million subscribers.
Netflix achieved a turnover of more than 4.92 billion dollars (4.4 billion euros) in the past quarter. $ 4.93 billion was expected. In the second quarter of 2018, sales were $ 3.9 billion. The net profit amounted to 271 million dollars (241 million euros). That was $ 384 million in the same period last year.
Competition for Netflix getting bigger
The competition is getting bigger for Netflix. In November, Disney releases its own Disney + streaming service in the United States. HBO and Apple are also working on their own video service. In addition, existing alternatives such as the Dutch Videoland are also gaining ground.
Netflix expects to catch up in the third quarter. The company says it is counting on a growth of seven million subscribers.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.
