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16-10-2019 22:37:18

Netflix rises 5% on international and earnings growth, despite missing subscriber targets for the second straight quarter

Netflix reported earnings for its third quarter on Oct. 16 after the markets closed. The streaming company missed its forecasts for subscriber growth globally, but crushed its earnings projections and added more paid subscribers than it expected internationally. Wall Street was looking for Netflix to rebuild investor confidence after the company missed its own forecasts for subscriber growth during the prior period. The quarter is the streaming giant’s last full period before forthcoming rivals like Disney Plus and Apple TV Plus hit the market in November. Visit Business Insider’s homepage for more stories. Netflix shares are back on the rise, even after the company missed its forecasts for global subscriber growth during the third quarter. The streaming giant crushed Wall Street’s earnings projections and added slightly more paid subscribers internationally than expected during the period. Netflix added 6.8 million paid subscribers globally during the third quarter, in line with what Wall Street analysts estimated, but slightly below the company’s own forecast of 7 million. Nearly 6.3 million of those new paid subcribers were international, above the 6 million Wall Street analysts projected. The company posted profit of $1.47 per share, or $665 million. Shares were up as much as 7% at $307 in after hours trading on Wednesday, when the report was released. Wall Street had been bracing for another miss on subscriber growth, after Netflix posted, during the previous, quarter paid subscriber additions that were far below its forecasts. Netflix blamed its bad second quarter, in part, on a content slate that failed to deliver. This quarter, it ramped up releases with new seasons of shows like “Stranger Things,” “La Casa de Papel (Money Heist),” and “Orange Is the New Black.” The third quarter is Netflix’s last full period before a rush of new rivals hit the market, starting in November with Apple TV Plus and Disney Plus.Read more: Netflix will report its most pivotal earnings in years today. Here’s what Wall Street is looking for. Here are the key numbers to watch in Netflix’s Q3 earnings:Q3 revenue: $5.25 billion, in line with Wall Street estimates and Netflix’s forecast. Q3 earnings per share (GAAP): $1.47, versus Wall Street estimates of $1.05 and Netflix’s forecast of $1.04. Q3 total paid subscriber growth (paid net additions): 6.8 million, versus Wall Street estimates of 6.8 million and Netflix’s forecast of 7 million.517,000 in the US, versus Wall Street estimates of 798,360 and Netflix’s forecasts of 800,000. 6.26 internationally, versus Wall Street estimates of 6 million and Netflix’s forecasts 6.2 million. Q4 total paid subscriber growth estimate (paid net additions): 7.6 million, versus Wall Street estimates of 9.28 million, and 8.84 million in the fourth quarter of 2018.600,000 in the US. 7 million internationally. The post Netflix rises 5% on international and earnings growth, despite missing subscriber targets for the second straight quarter appeared first on Business Insider Nederland.
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