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Netflix only loses 970,000 subscribers in second quarter after warning of loss of 2 million

Netflix warned that it could lose 2 million subscribers during the quarter.
Reed Hastings, co-CEO of Netflix, participates in the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California. Patrick T. Fallon | AFP | Getty Images

Reed Hastings, co-CEO of Netflix, participates in the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California. Patrick T. Fallon | AFP | Getty Images

Netflix shares jumped 6% after the company said it lost fewer subscribers than anticipated during the second quarter.

The company had warned investors last quarter that it expected to shed around 2 million, but only lost around 970,000 during the three month period ending June 30.

Here are the results:

  • EPS: $3.20 vs $2.94 per share, according to Refinitiv.
  • Revenue: $7.97 billion, vs. $8.035 billion, according to Refinitiv survey.
  • Global paid net subscribers: A loss of 970,000 subscribers vs. expectations of a loss of 2 million, according to StreetAccount estimates.

The company told shareholders that it expects net adds to reach 1 million in the third quarter, reversing some losses seen during the first half of the year. Analysts had predicted Netflix would guide for growth of around 1.8 million.

This s a breaking news story. Please check back for updates.

Author: Editors Desk

Source: CNBC

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