{"id":1561765,"date":"2022-07-19T18:05:48","date_gmt":"2022-07-19T22:05:48","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561765"},"modified":"2022-07-19T18:06:00","modified_gmt":"2022-07-19T22:06:00","slug":"netflix-soothes-wall-street-concerns-with-customer-growth-forecast","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/netflix-soothes-wall-street-concerns-with-customer-growth-forecast\/","title":{"rendered":"Netflix soothes Wall Street concerns with customer growth forecast"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnetflix-soothes-wall-street-concerns-with-customer-growth-forecast%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561765&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Lisa Richwine<\/p>\n<p>LOS ANGELES (Reuters) -Netflix Inc said on Tuesday it lost 970,000 subscribers from April through June, averting the worst-case scenario projected by the company, and predicted it would return to customer growth during the third quarter.<\/p>\n<p>Netflix shares, which have fallen roughly 67% this year on concerns about future growth, rose 7% to $216.00 in after-hours trading following the results.<\/p>\n<p>The world\u2019s largest streaming service also said it plans to launch its ad-supported option next year, and it warned that the strong dollar was hitting revenue booked from subscribers abroad.<\/p>\n<p>Netflix had said in April it expected to lose 2 million customers in the current quarter, shocking Wall Street and raising questions about its long-term prospects.<\/p>\n<p>Defections for the second quarter were not as steep as expected, and Netflix estimated its new customer additions for July through September would amount to 1 million. Wall Street analysts were expecting 1.84 million, according to analysts polled by Refinitiv.     <\/p>\n<p>\u201cThe stock is up because (analyst) downgrades all made a big deal out of slowing growth,\u201d Wedbush Securities analyst Michael Pachter said, noting that Netflix was cutting costs and expected free cash flow to grow substantially next year.<\/p>\n<p>Shares of other streaming companies rose slightly after the Netflix report. Roku Inc stock gained 2.7% while Walt Disney Co and Paramount Global were up about 1%.<\/p>\n<p>After years of red-hot growth, Netflix\u2019s fortunes changed as rivals including Disney, Warner Bros Discovery and Apple Inc invest heavily in their own streaming services.<\/p>\n<p>In a letter to shareholders on Tuesday, Netflix said it had further examined the recent slowdown, which it had attributed to a variety of factors including password-sharing, competition and a sluggish economy. <\/p>\n<p>\u201cOur challenge and opportunity is to accelerate our revenue and membership growth by continuing to improve our product,<\/p>\n<p>content and marketing as we\u2019ve done for the last 25 years, and to better monetize our big audience,\u201d the letter said.<\/p>\n<p>One way it plans to earn more from members is by cracking down on password-sharing. The company is testing two options in Latin America. <\/p>\n<p>Netflix remains the dominant streaming service around the world with nearly 221 million global paid subscribers.  <\/p>\n<p>The company also is working to build on the popularity of the megahit series \u201cStranger Things\u201d and seeking to turn some of its biggest successes into franchises.<\/p>\n<p>For April through June, earnings per share came in at $3.20, ahead of the Wall Street consensus of $2.94.    <\/p>\n<p>Netflix said the strong U.S. dollar hit revenue, which grew 9% to $7.97 billion, below analyst estimates of $8.04 billion. Revenue would have increased by 13% without the foreign exchange impact, the company said.<\/p>\n<p>Last week, Netflix announced Microsoft Corp as its technology and sales partner for the ad-supported offering. <\/p>\n<p> (Reporting by Lisa Richwine in Los Angeles and Tiyashi Datta in BengaluruEditing by Peter Henderson and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2728143\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6I13P-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6I13P-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2728147\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6I13Q-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6I13Q-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Lisa Richwine LOS ANGELES (Reuters) -Netflix Inc said on Tuesday it lost 970,000 subscribers from April through June, averting the worst-case scenario projected by the company, and predicted it<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1561765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1561765"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1561765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1561765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1561765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}