Netflix warned that it could lose 2 million subscribers during the quarter.
Reed Hastings, co-CEO of Netflix, participates in the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California.shares jumped 6% after the company said it lost fewer subscribers than anticipated during the second quarter.
The company had warned investors last quarter that it expected to shed around 2 million, but only lost around 970,000 during the three month period ending June 30.$7.97 billion, vs. $8.035 billion, according to Refinitiv survey.A loss of 970,000 subscribers vs. expectations of a loss of 2 million, according to StreetAccount estimates.
The company told shareholders that it expects net adds to reach 1 million in the third quarter, reversing some losses seen during the first half of the year. Analysts had predicted Netflix would guide for growth of around 1.8 million.
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