As part of its earnings report today, Netflix said it added 3.62 million new subscribers — 0.88 million domestically and 2.74 million internationally.
It was a big miss for investors that promptly sent the stock down more than 10 percent in extended trading. That’s compared to prior-year growth of 3.02 million, and the company had previously forecast growth of 3.55 million this quarter. Netflix now has 69.17 million subscribers.
That was better than the company expected for international growth, but weaker for domestic growth. Netflix added about a million the prior year and forecast adding 1.15 million new subscribers this quarter, according to its note to shareholders.
International growth, however, was a positive point as it continues to expand to new markets. The company launched in Japan and plans to launch in Spain, Italy and Portugal next week. Netflix had previously forecast it would add 2.4 million, and it beat the previous year’s growth of 2.04 million new members.
Last quarter, the company said it added 3.3 million new subscribers quarter-over-quarter — whereas the year earlier they added 1.7 million. It added 0.9 million new domestic subscribers and 2.4 million new international subscribers in the last quarter.
Netflix handily beat its last earnings report, sending shares up 8 percent. This time around the company’s shares were down more than 10 percent after it reported its earnings. Netflix continues to add new original programming and expand its library, likely also driving subscriber growth.Featured Image: Bryce Durbin