Netflix Q2 results: 1 million subscribers lost; new partnership with Microsoft announced
Netflix, a streaming content pioneer, posted its Q2 numbers on Tuesday. Post the result, the share price jumped nearly 6%. Netflix shares have fallen roughly 67% this year. The reason for the fall in share price cited additional headwinds for the slowdown, including password sharing, competition, and a sluggish economy.
Netflix Q2 Updates
Netflix Q2 earnings: Number of subscribers- Netflix lost around 970,000 subscribers in Q2. However, earlier, the company said that it would lose close to 2 million subscribers in the second quarter. The total subscriber count now stands at 220.67 million. The analyst was expecting a loss of 2 million subscribers.
Netflix Q2 results: Subscriber projection for Q3- Netflix has said 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.
Netflix Q2 results update: revenue in line with estimates- The company announced earnings per share of $3.20 at a revenue of $7.97 billion. The analysts' have earlier anticipated EPS of $2.94 on revenue of $8.035 billion.
Netflix Q2 revenue across regions: Revenue grew 23% in the Asia-Pacific region, where the company added 1.1 million subscribers. In Latin America, subscriptions stayed flat, but revenue increased 19% from a year earlier.
Netflix results: Paid sharing plan- The company is in the early stages of its paid sharing plan. This is an effort mentioned last quarter that would upcharge some members for sharing their subscription with family members or friends that live outside their homes. The company is also looking at two different approaches in test cases in Latin America that can inform a wider rollout in 2023.
Netflix earnings: Ad Supported Subscription Plan- Netflix announced that it has selected Microsoft as our global advertising technology and sales partner. The company said that Microsoft has the proven ability to support all its advertising needs as they work together to build a new ad-supported offering. More importantly, Microsoft offered the flexibility to innovate over time on both the technology and sales side, as well as strong privacy protections for Netflix members.
How many subscribers did Netflix lose in Q2?
Netflix has announced that it lost nearly one million paid subscribers in the second quarter of this year.
How has Netflix fared in terms of membership growth?
The second quarter was better-than-expected on membership growth, and foreign exchange was worse-than-expected (stronger US dollar), resulting in 9 per cent revenue growth (13% constant currency).
What is the total number of subscriber count for Netflix?
Netflix said it has 73.28 million paid subscribers in the US and Canada and 220.67 million worldwide and it expects to add one million in the third quarter.
What was the highlight in the current quarter?
Netflix said that it will partner with Microsoft on a new, cheaper ad-supported subscription plan.