Here's what you missed:
Netflix missed subscriber expectations Wednesday night. Earnings for its second quarter came in at 60 cents per share, down 30% from the same period last year but 4 cents ahead of the Street's expectations. Group revenues rose 26% to $4.923 billion, a figure that fell largely in-line with analysts' forecasts.
Netflix said 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.
So, what did Jim Cramer think about this quarter? He answered that question on Thursday, July 18, 2019 when he made Netflix Real Money's Stock of the Day.
"Well, I don't like that you get something that turns out to be a little more episodic. They didn't drop enough good content in that quarter so they missed by 50% I if stranger things had come out five weeks ago with a better question. See I think again, step back, the point is if you have to rely on an actual model of building in 'Stranger Things' or an Indian movie or something is developed in Spain--it's going to be too hard. Now notice this, I'm saying too hard versus too easy, not bad versus good," explained Cramer.
Watch the video, it's an excerpt from TheStreet's Daily Cramer Live Show. Catch it on TheStreet, Facebook and YouTube.