Netflix said it added 2.7M subscribers outside the U.S. in its second quarter, coming in well below the 5M that Wall Street analysts expected.
Streaming video company Netflix stumbled Wednesday after reporting that it added fewer subscribers than Wall Street analysts had expected in the second quarter of 2019.
Netflix said it added just 2.7 million subscribers outside the United States in its second quarter, coming in well below the 5 million that Wall Street analysts expected. Netflix also revealed that it did not add any subscribers in the U.S. The company, run by chief executive Reed Hastings, has experienced strong growth in the past two quarters gaining 18.4 million paid net additions, but the company explained in an investor note that price increases may have had an effect. In May, Netflix raised the price of its standard plan from $10.99 to $12.99 per subscriber per month, while the premium monthly plan rose from $13.99 to $15.99.
Netflix still retains licenses for two of its most popular shows “Friends” and “The Office,” but those shows will soon move to rival streaming services.
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