Netflix’s Q2 Revenues Disappoint Despite Subscriber Surge; Stock Falls 10%

  • Netflix grew its subscriber base by 8% and sales rose 2.7% to $8.19 billion, below analyst expectations, mainly due to foreign exchange rates and price cuts.
  • The company added 5.89 million customers in Q2, exceeding Wall Street estimates, reaching a total of 238.4 million members.
  • Netflix’s crackdown on password sharing and the introduction of a new advertising tier led to initial sign-ups exceeding cancellations with third-quarter growth projected at 7.5%.
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