Streaming giant Netflix added only 1.54 million new subscribers during the second quarter of 2021, coming in well below what Wall Street analysts had expected, according to the company’s Q2 financial report on Tuesday afternoon. Overall, Netflix now has 209.18 million subscribers globally. The 1.54 million new subscribers set far from the 12 million new subscribers the company added during the same time frame last year when Netflix was adding customers at a record rate due largely to the COVID-19 pandemic. Netflix also reported $7.34 billion in Q2 revenue, matching what analysts had projected, while its $2.97 earnings per share came in about 20 cents below Wall Street’s goal for the company.
“The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID,” Netflix said in its letter to shareholders. “In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. If we achieve our forecast, we will have added more than 54 million paid net adds over the past 24 months or 27 million on an annualized basis over that time period, which is consistent with our pre-COVID annual rate of net additions".
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