Despite positive Q2 earnings, shares dropped
As we are in the middle of the earnings season, another major company released its financial report. Due to the pandemic, analysts had high hopes for Netflix stock. And the financial results turned out even better than expected.
For Q2, Netflix announced revenue of $6.15 billion. The figures came higher than what analysts had in mind $(6.08 billion), and higher than last year’s Q2 earnings report ($4.92 billion).
The net income was $720 million, or $1.59 EPS, almost tripled from last year's $270.7 million and 60 cents/share respectively.
The number of subscribers increased to 10.1 million in the second quarter, higher than the 8.26 million expected. It outperformed even Netflix's expectations of 7.5 million. In just the first half of 2020, 26 million people are using the streaming platform.
However, the guidance for the rest of the year is below the analysts' consensus. The forecasted revenue is $6.33 billion, and an EPS of $2.09. The number of new subscribers is expected to hit 2.5 million, compared to analysts' 5.4 million consensus.
Still, the stocks fell by more than 10% after the report.
This year, Netflix’s stock price gained 64%, while USA500 lost 0.5%.
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Sources: bbc.com, marketwatch.com
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