Netflix reported its fiscal second quarter earnings on Tuesday and its numbers showed a narrower loss than expected, as it dropped about 970.000 subscribers, when analysts expected a loss of approximately 2 million. The announcement caused the company’s shares to surge more than 8% in after-hours trading.
Financially speaking, revenue and adjusted earnings per share were mixed amid the broader subscriber slowdown. Specifically, the company reported revenues of US$7.97 billion, when Wall Street's consensus estimated around US$8.05 billion. Adjusted earnings per share (EPS) were US$3.20 versus the US $2.98 expected.
“We’ve been through hard times before. We have built this company to be flexible and adaptable and this will be a great test for us and our high performance culture. We are fortunate to be in a position of strength as the leader in streaming entertainment by all metrics (revenue, engagement, subscribers, profit and free cash flow). We are confident and optimistic about the future,” the company wrote in the investor letter.
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