Netflix (NASDAQ:NFLX) posted its quarterly earnings results late today, amassing revenue that missed analysts’ guidance, sending NFLX stock down after hours.
The online streaming site announced that for its second quarter of 2019, it brought in a profit of 60 cents per share, besting the 56 cents per share that analysts called for, according to data compiled by Refinitiv. The business also amassed sales of $4.92 billion, missing the Wall Street guidance of $4.93 billion by a hair, according to Refinitiv.
The FactSet guidance saw Netflix posting a gain of 352,000 domestic paid subscribers during the three-month period, yet the business lost 126,000. On an international scale, the company added 2.83 million subscribers, which was nearly 2 million below the 4.81 million that FactSet predicted.
In addition to the company’s content, its first quarter subscriber growth was so positive that “there may have been more pull-forward effect than we realized.” Netflix added in a letter to shareholders that its missed guidance was most notable in regions where the price of the service increased.
For its third quarter, the company predicts strong results off the heels of the new season of Stranger Things, among other TV content and new movie additions.
NFLX stock is sinking about 12.1% after the bell today following the company’s quarterly results. Shares had been down about 1% during regular trading hours in anticipation of the company’s results.