Netflix shares dive after disappointing quarterly results

Netflix shares dive after disappointing quarterly results

Modal Trigger Netflix CEO Reed Hastings Getty Images

Chief Executive Reed Hastings, in a letter to shareholders, called it a "strong but not stellar Q2".

Subscriber additions: 5.1 million total - 670,000 in the United States and 4.47 million internationally. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for.

This was expected to be a "subdued" quarter, as I wrote on Friday.

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Netflix posted its earnings report for the June quarter today and revealed that it added 5.15 million subscribers for the quarter. For the first time, Netflix generated more revenue outside the U.S.: worldwide revenue totaled $1.92 billion and U.S. revenue was $1.89 billion for Q2.

Netflix said it made a profit of $384m on revenue of $3.9 billion in the recent quarter, compared to net income of $66m on $2.8bn in revenue in the same period a year ago. That may seem impressive at first glance, but it's more than 1 million fewer subscribers than what the streaming giant was anticipating. Domestic streaming net additions are projected at 650,000, below the average estimate for 953,000. As Yahoo Finance previously reported, Netflix plans on spending roughly $2 billion on original content for 2018 - 25% of the $8 billion it spends on all content.

Investors are growing nervous over whether Netflix can maintain its heady rate of growth when it unveils its latest results on Monday.

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Stock was down more than 13% in after-hours trading. That's compared with analyst estimates that Netflix would have Q3 net adds of 947,000 in the USA and 5.05 million internationally.

Update: The stock is now down $56.59, or 14%, at $343.90.

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