Jennifer Maas TV Business WriterNetflix reported its second-quarter 2022 earnings Tuesday, revealing it lost 970,000 subscribers during the three-month period that included the launch of the first part of “Stranger Things” Season 4.
While that’s obviously a hit, it’s much less of a hit than Netflix had forecast.The streamer had projected a net loss of 2 million streaming subscribers for the second quarter, which spans April 1-June 30, following a surprise decline of 200,000 in Q1 (which included the loss of 700,000 Russian customers after exiting the country over the invasion of Ukraine).Netflix revealed in its Q2 letter to shareholders it currently has 220.67 million subscribers globally is expecting to return to gains in Q3, projecting an addition of 1 million subs from July 1-Sept.
30. In terms of actual financial performance for Q2, Wall Street forecast earnings per share (EPS) of $2.96 on $8.04 billion in revenue for the streamer’s second quarter, according to analyst consensus data provided by Refinitiv.
Netflix reported diluted EPS of $3.20 on $7.97 billion in revenue.With “Stranger Things” Season 4, which just last week garnered 13 Emmy nominations, including outstanding drama series, Netflix deviated from its binge-release practice.
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