Netflix misses subscriber goal — just slightly — as ‘streaming wars’ prepare to heat up
Netflix fell slightly short of its 7 million subscriber growth goal for the third quarter.
- Instead, the streamer added 6.8 million members, according to figures it released Wednesday, Oct. 16, 2019.
- Despite the news, the company’s stock rose in after hours trading.
- The company says it hopes to add 7.6 million subscribers in the final quarter on 2019.
- Profit was $665 million, up significantly from the $271 it reported in Q2.
- That’s also up from $403 million quarter over quarter.
- Netflix also say revenue grown 31% to $5.2 billion.
- During its July earnings report, the company revealed it missed both its subscriber goal and experienced a net subscriber loss in Q2 domestically while international growth stalled as well.
Meanwhile, investors and analysts are keeping a close eye on Netflix as the “streaming wars” heat up.
- Netflix, meanwhile, tried to shrug off the suggestion of competition in the streaming world.
- In the company’s words, it has been competing in against streamers Hulu, Amazon and YouTube as well as linear TV for a decade.
- However, Netflix is facing the launch of Disney+ and Apple TV+ in November, with NBC’s Peacock and WarnerMedia’s HBO Max in 2020.