Netflix Co-CEOs Ted Sarandos and Greg Peters used the company's second-quarter earnings interview to try to clear the air regarding prospects for M&A, strategic partnerships and FAST channels.
Netflix NASDAQ: NFLX executives said the company remains on track for its 2026 financial plan, pointing to continued subscription growth, pricing gains, rising advertising revenue and a broadening content strategy during the company's second-quarter earnings interview.
Wall Street is concerned that Netflix subscribers are spending less time with Netflix shows and movies. Netflix says investors shouldn't worry.
Netflix is facing competition from all corners of the entertainment industry.
Netflix has been in Wall Street's doghouse lately, and its Thursday afternoon earnings commentary sparked even more investor concern.
Netflix Inc (NASDAQ:NFLX, XETRA:NFC) shares fell about 8% in after-hours trading after the streaming company reported second-quarter revenue that came in just below Wall Street expectations, overshadowing a slight earnings beat. For the quarter ended June 30, Netflix posted diluted earnings per share of $0.80, ahead of the consensus estimate of $0.79.
Netflix shares dropped in after-hours trading Thursday after the streaming giant reported lackluster results for the second quarter. Shares, which have already fallen nearly 45% over the past year, shed 9% after the close of trading as investors processed the earnings report.
Netflix (NFLX) closed Thursday's trading session just above its 52-week lows, and trading was choppy after hours after the streaming giant released earnings. EPS beat but revenue missed expectations, and Netflix missed expectations on both fronts when it came to guidance.
Netflix posted mixed earnings results in the second quarter. Engagement grew slightly, which had been a key focus for Wall Street.
The company said it would begin to release its viewership report annually, rather than twice a year.
Netflix is set to report earnings after the closing bell later today, with the streaming giant's stock seen potentially hitting its lowest point in nearly two years following the results.
Netflix reports second-quarter earnings after the bell on Thursday. Investors will be focused on engagement metrics for the streaming giant's programming, as well as further updates on the progress of its ad-supported tier.