Shares of consumer video service Netflix are down sharply after the bell today, following the company’s Q3 earnings report. Why is Netflix suddenly worth about 5% less than before? A mixed earnings report, a disappointing new paying customer number and slightly slack guidance appear to be the answer. Heading into the third quarter, Netflix told investors that they should expect it to generate revenues of $6.33 billion, operating income of $1.25 billion and net income of around $954 million, worth about $2.09 in earnings per share. Today, Netflix reported $6.44 billion in revenue, operating income of $1.32 billion, along with $1.74 in per-share profit off of net income of $790 million. Netflix bested its revenue goals, but fell short on profitability. The company also managed to best analyst revenue expectations of $6.38 billion, while missing out on analyst per-share profit expectations of $2.13. Adding to the pain, Netflix also missed expectations on new customer adds.
Here’s Why Netflix Shares Are Off After Reporting Earnings
Alex Wilhelm, TechCrunch
Tue, 10/20/2020 - 1:28pm
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