A slower fox

16 July 2018 By Jennifer Saba Follow @jennifersaba

The streaming-video service attracted fewer new subscribers than forecast in the latest quarter, knocking $20 bln off its value. That will comfort Disney and Comcast as they wage a costly battle for Fox and Sky. Yet with 130 mln customers, Netflix remains far ahead in the race.

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Netflix reported on July 16 that growth in subscribers fell short of its forecast in the second quarter. The streaming-video service added 5.2 million net new subscribers globally in the period, taking its total to 130.1 million. It had projected growth of 6.2 million. Paid subscribers increased by a net 5.5 million, compared with a forecast of 6.1 million.

Revenue was $3.9 billion in the quarter, up 40 percent from the same period a year earlier. Earnings increased nearly sixfold to $384 million. At 85 cents a share, earnings exceeded the consensus analyst estimate of 79 cents.

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