Netflix lost paid U.S. subscribers for the first time in eight years and fell below analyst estimates for international subscriber growth.
. Netflix blamed regional price increases, a relatively weak content slate and a "pull-forward effect" of its strong first quarter subscriber growth.
While international paid subscribers still grew, the company widely missed estimates. Netflix reported international paid subscriber net adds of 2.83 million compared to estimates of 4.81 million, forecast by FactSet., which has pinned much of its growth opportunity to international expansion in highly populated regions.
Still, Netflix is hopeful about the upcoming quarter. The company forecast 7 million paid net adds and revenue of $5.25 billion. Netflix predicts strong viewership of its new seasons of "Stranger Things," "The Crown," and "Orange is the New Black," among other hits will help buoy its subscriber growth.
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