Netflix Q2 Earnings Live Blog
Netflix NFLX kicked off tech earnings season after the close on Thursday with some disappointing numbers, falling short of earnings estimates and issuing weaker-than-expected guidance for Q3 subscriber additions.
The streaming giant's Q2 revenue of $6.15 billion beat a $6.08 billion consensus, while GAAP EPS of $1.59 missed a $1.82 consensus. Quarterly paid streaming net adds of 10.09 million beat the company's guidance of 7.5 million and analyst consensus of 8.26 million adds. However, Netflix is only guiding for 2.5 million Q3 paid net adds versus an analyst consensus of more than double that figure at 5.27 million net adds.
The company attributed the low expected number of additions to the significant "pull forward" of subscriber additions to the first half of the year because of the coronavirus pandemic.
Netflix also announced that the company's long-time content chief, Ted Sarandos, had been named co-CEO along with current CEO Reed Hastings, and elected to the board of directors.
TheStreet's tech columnist, Eric Jhonsa, is analyzing the company's earnings report, as well as the "video interview" with Netflix executives that's scheduled to begin streaming at 6 p.m. ET.