Scalper1 News
Netflix (NFLX) stock got a haircut Thursday after the streaming video company reported disappointing third-quarter subscriber growth and forecast Q4 earnings that were well below Wall Street’s target. Netflix stock was down 22%, at a five-month low near 353, in early afternoon trading on the stock market today. Here are five key takeaways from Netflix’s bombshell Q3 earnings report delivered late Wednesday: 1. Price hike slowed subscriber growth Netflix (NFLX) executives said a price increase implemented in the second quarter pinched subscriber growth in Q3. In May, Netflix raised the price of its streaming service by $1, to $8.99 a month, for new subscribers. “Slightly higher prices result in slightly less growth, other things being equal, and this is manifested more clearly in higher adoption markets such as the U.S.,” Netflix CEO Reed Hastings and CFO David Wells said in a letter to investors. Netflix added 3.02 million streaming subscribers…. Scalper1 News
Scalper1 News