Shares of Netflix fell just over 8% Thursday morning after the streaming platform reported second-quarter revenue that fell short of projections, though the company added nearly 6 million subscribers as it moves forward with a crackdown on password sharing among users.
Shares for Netflix fell nearly 8% Thursday morning.
Netflix’s shares closed at $477.59 on Wednesday before dropping to $439.41 as of 10:12 a.m. Thursday.
Netflix reported $8.2 billion in second-quarter revenue on Wednesday, a 2.7% increase from a year prior but short of the $8.3 billion forecasted by analysts, according to Yahoo! Finance, though its $3.29 in earnings per share beat expectations.
The company also projected $8.52 billion in third-quarter revenue, below the $8.67 billion projected by analysts.
5.9 million. That’s how many new subscribers Netflix added in its second quarter, according to the company, which now has over 238 million global subscribers.
Shares for the streaming platform jumped earlier this week to a 17-month high, with one analyst from Loop Capital suggesting Netflix was “winning the streaming wars.”
Netflix Stock Hits 17-Month High As Analysts Forecast ‘Competitive Advantage’ From Hollywood Strike (Forbes)