Netflix earnings jump 19 % in Q3 yet subscribers taper off
Streaming giant, Netflix earned $790, million, or $1.74 per share, in the third quarter, up 19 percent from $665 million, or $1.47 per share, a year earlier.
Netflix’s subscriber growth slowed during the summer months after surging in the spring fueled by pandemic lockdowns that corralled millions of people in their homes.
The summer slump came as more people sought distraction from the pandemic outdoors and major U.S. professional sports resumed play, offering other entertainment alternatives to the world’s most popular video streaming service.
The drop-off disclosed Tuesday in Netflix’s latest earnings report was greater than management had warned it might be.
After picking up 2.2 million customers in the July-September period, Netflix finished the quarter with 195.2 million worldwide subscribers. Earlier, company had forecast an addition of 2.5 million subscribers during the quarter