NetFlix Shares Collapse On Earnings
Netflix (NASDAQ: NFLX) earnings were so poor that shares dove 13% to $69. The stock is already down from a 52-week high of $274 because of worry about competition in streaming video and the price Netflix must pay for content.…
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During the second quarter, the company reported a profit of $6 million, or 11 cents a share, on revenue of $889 million. During the same period a year ago, Netflix earned $1.26 a share, on sales of $788.6 million. Netflix growth rate was in the high double digits less than two years ago. Analysts surveyed by FactSet Research had forecast Netflix to earn 4 cents a share on $889.6 million in revenue for the quarter, according to MarketWatch
Carefully watched subscriber additions posted mediocre results. The company said it added 1.1 million net subscribers to its video-streaming service, giving it 27.6 million subscribers worldwide.
Netflix disappointed Wall St. as it forecast a loss in the fourth quarter.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
