Netflix Misses Subscriber Growth Targets, Expects to Add Just 2.3M in Q3

The release of the fourth season of orange is the new black not doing enough to drive new subscribers to Netflix (NFLX) - Get Report . The video streaming service posted lower than expected subscriber additions in the second quarter. It added just 1.7m subscribers, expectations had been for the addition of 2.5m subscribers. Some of those early Netflix subscribers had been paying less than newer subscribers. The company says it will complete it's 'un-grandfathering plan' in the second half of this year. Netflix posted profits of $0.09 a share, that's seven cents above forecasts. On the top line, revenue came in at $1.9 billion, short of estimates. Looking ahead to the third quarter, Netflix says it expects to add 2.3M subscribers in the third quarter, two million coming from overseas subscribers and adding about 300,000 here in the U.S. The company says it sees profits of $0.05 a share in Q3. Netflix also highlighted its Emmy nominations for its original content.