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Netflix recorded an 8% drop in the stock market. Third quarter results may fall short of expectations

Although Netflix's most recent account report registered an increase of 10.1 million new subscribers in the second quarter of the year, analysts' forecasts point to a third quarter with financial results that may fall short of expectations.

The forecasts led to an 8% drop in the stock exchange on July 17th. In all, the tech giant lost $ 19 billion in market capitalization.

Netflix results on the stock exchange

During the second quarter of the year, the company posted results of $ 1.77 a year. The value was below the expectations of analysts who pointed to 1.93 dollars per share. According to the report, revenues grew by 25% compared to the first quarter of the year, representing 6.15 billion dollars.

Due to the COVID-19 pandemic, the company reduced its marketing investment by 28%. Spending on content has also declined, as many of the stadiums have been closed to prevent the spread of the disease.

For the third quarter, the company expects to reach 2.5 million more subscribers, with expectations of around 5.12 million in the best of scenarios. Analysts predict that revenues will not exceed $ 6.33 billion. Netflix shares are also expected to stand at $ 2.09.