Global Growth Shares Netflix falls short, US customers attention
Net income fell by 60 % that is $270.7 million, in its 2nd quarter June 30.
Netflix Inc shares that they lost US streaming customers for the First time in last 8 years, an announcement that shock investors ahead of looming competition.
Netflix shares sank by almost 12 % in after trading hours the company posted quarterly results that showed it lost 130,000 US customers from April to June.
Netflix has planed its future with global expansion by creating original TV shows, documentaries and movies to attached new customers and keep the existing ones paying monthly subscription fees.
Netflix raised its prices in Britain, Greece Switzerland, and Western Europe.
According to a poll, 81% of US Netflix subscribers said they would drop service if the monthly price rose by 5 Dollar.
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Looking ahead, Netflix projected it would add 7 million paid streaming customers in its 3rd quarter with help from a new season of supernatural thriller "Stranger Things,". That is more bullish than the 6.6 million forecasts from analysts polled by Refinitiv.
Net income fell to 270.7 million Dollar, or 60% share, in the 2nd quarter ended June 30 from 85% a year earlier.
Total revenue rose by 4.92 billion Dollar from 3.91 billion Dollar. Analysts on average had expected revenue of $4.93 billion.
Netflix shares fell to 320.66 Dollar in after-hours trading after closing at 362.44 Dollar on Nasdaq.
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