LOS ANGELES: Netflix Inc. said on Tuesday it lost 970,000 subscribers from April through June, averting the worst-case scenario projected by the company, but offered a forecast below Wall Street expectations for the current quarter.
It plans to launch an ad-supported tier next year, and it warned that the strong dollar was also hitting revenue booked from subscribers abroad.
Netflix had warned in April that it expected to lose 2 million customers in the current quarter, shocking Wall Street and raising questions about its long-term growth prospects.
While defections for the second quarter were not as steep as expected, Netflix estimated its new customer additions for July through September would amount to 1 million. Wall Street analysts were expecting 1.84 million, according to analysts polled by Refinitiv.
After years of red-hot growth, Netflix’s fortunes have reversed as rivals including Walt Disney Co, Warner Bros Discovery and Apple Inc. invest heavily in their own streaming services.
In a letter to shareholders, the company said it had further examined the slowdown, which it had attributed to a variety of factors including password sharing, competition and a sluggish economy.
Netflix remains the dominant streaming service around the world with nearly 221 million global paid subscribers.
In April, the company said it was addressing customer defections in part by planning a crackdown on password-sharing and launching the less-expensive tier with advertising. Last week, Netflix announced Microsoft Corp. as its technology and sales partner for the ad-supported offering .
The company also is working to build on the popularity of the series “Stranger Things” and seeking to turn some of its biggest successes into franchises.
For April through June, earnings-per-share came in at $3.20.
Netflix said the strong US dollar hit revenue, which grew 9 percent. Revenue would have increased by 13 percent without the foreign exchange impact, the company said.
Netflix loses nearly 1 million subscribers, forecast misses Street estimates
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Netflix loses nearly 1 million subscribers, forecast misses Street estimates
- Netflix’s fortunes have reversed as rivals including Walt Disney Co, Warner Bros Discovery and Apple Inc. invest in their own streaming services.
Asharq Business with Bloomberg, Nasdaq to bring real-time US equities data to MENA
- Nasdaq to deliver exclusive real-time US equities market data
- Real-time updates fully integrated into Asharq Business’ data infrastructure and available across all platforms
RIYADH: Asharq Business with Bloomberg, the region’s leading business and financial news multi-platform channel, announced Tuesday a strategic three-year collaboration with Nasdaq, to deliver exclusive real-time US equities market data and updates to investors and decision-makers across the Middle East.
Through access to Nasdaq’s official data product, Nasdaq Last Sale (NLS), Asharq Business with Bloomberg will receive real-time last-sale trade updates and calculated insights across major US exchanges directly from the Nasdaq Market Center. The collaboration strengthens market transparency, enhances data-driven storytelling, and provides audiences and partners with deeper insight into global financial activity.
With a rapidly growing investor base in the region — and with Nasdaq serving as a primary destination for many Arab and regional investors — Asharq Business with Bloomberg reinforces its mission to deliver timely, accurate, and exclusive financial updates by integrating NLS data into its digital platforms, live markets coverage, and broader data ecosystem.
Leveraging its partnership with Bloomberg Media — which grants access to reporting from over 2,700 journalists and analysts worldwide — Asharq Business with Bloomberg continues to build on its reputation as the region’s most trusted and credible multi-platform business news source. The collaboration with Nasdaq underscores its commitment to providing reliable, data-backed content across social, digital, and streaming platforms, available for audiences anytime and anywhere.
Dr Nabeel Al Khatib, General Manager of Asharq News Network, commented: “It has been five years since the inception of Asharq Business with Bloomberg, and our audience has always been at the center of everything we do. We invest time and effort to understand what matters to them, ensuring we deliver data and stories that genuinely support informed decision-making. With growing regional interest in global markets, our collaboration with Nasdaq marks a strategic step toward offering a clearer, more comprehensive view of international financial activity. Through Nasdaq Last Sale, we aim to further empower our audience with transparent, real-time insights, strengthening their ability to navigate an increasingly interconnected global investment landscape.”
The Nasdaq leadership team added: “We are pleased to collaborate with Asharq Business with Bloomberg to broaden access to high-quality US market data in the Middle East. Through Nasdaq Last Sale, we aim to enhance transparency, support informed decision-making, and contribute to a more connected global investor community.”
