Netflix (NFLX) - Get Report edged lower Monday after the online streaming and production company lost its place as overall winner in this year's Emmy Awards as larger media and tech companies continue to challenge its market dominance.
HBO, which is owned by media giant AT&T Inc. (T) - Get Report , walked away with nine of the major trophies from last night's gala, the 71st edition of television's top awards ceremony, including plaudits for its 'Game of Thrones' and 'Succession' drama series as well as individual honors for actors in its comedy hit 'Barry'.
Amazon.com (AMZN) - Get Report took home seven top prizes, including Best Comedy Series for its British-made 'Fleabag', while Netflix was held to four major wins, highlighted by its TV movie 'Black Mirror - Bandersnatch'. Overall, Netflix gathered 27 Emmy Award statuettes, just behind HBO's 34 but firmly ahead of Amazon's 15.
Netflix shares fell 0.1% to $270.49 in trading Monday.
The slippage for Netflix in last night's Emmys highlights a challenging time for Netflix, which publishes third quarter earnings on October 18, as larger rivals such as Disney (DIS) - Get Report and Apple (AAPL) - Get Report unveil streaming services that could erode its customer base and cable companies such as Comcast (CMCSA) - Get Report and AT&T draw increasing attention with competitively-price alternatives.
Netflix, however, continues to command a global subscriber base of around 150 million -- including 78 million in the United States -- and recent price increases have allowed the group to expect third quarter margin expansion even as full-year content acquisition costs are likely to rise past $15 billion.
Netflix said earlier this summer that its U.S. subscriber base fell by 126,000, the first quarterly decline in eight years, while it added just 2.83 million global customers, well shy of the 4.8 million expected by analysts the cover the group, which the company put down to recent price increases and its original content offering.
Looking into the third quarter, Netflix said it expects revenues of $5.25 billion, with global streaming paid additions of 7 million, but noted "fierce" competition for new and existing users in the growing online television space.