Netflix’s second-quarter financial results on July 19 revealed a continued loss in subscribers, albeit less than anticipated by both the streaming giant and investors.
Netflix lost 970,000 subscribers (pdf) in the second quarter amid increased competition from other streaming services, account sharing, sluggish economic growth and other factors such as the impacts of Russia’s war in Ukraine, the company said.
However, that figure was still better than the 2 million subscriber loss that had originally been forecast in an April shareholder letter, prompting Netflix’s stock to spike more than 10 percent in after-hours trading Tuesday.
Netflix was also hopeful about subscriptions in the future, saying it expects to add another million paid subscribers in the third quarter, just slightly less than Wall Street expectations….