The daily business briefing: July 18, 2019

Netflix shares plunge on disappointing subscriber growth, Amazon declares Prime Day a success despite protests, and more

The Netflix logo
(Image credit: LIONEL BONAVENTURE/AFP/Getty Images)

1. Netflix subscriber growth falls short, sending shares falling

Netflix shares plunged by more than 10 percent in extended trading Wednesday after the video streaming powerhouse reported that it added 2.7 million subscribers globally in the last quarter, falling way short of the expected five million. The company also said it lost 100,000 subscribers in the U.S., its first such decline. It had been expected to gain more than 300,000 U.S. subscribers. Netflix blamed the miss on several factors, including increased subscription prices in some regions. Earnings per share came in at 60 cents, beating the Refinitiv estimate of 56 cents. Netflix said it expected to do better in the third quarter partly thanks to strong viewership of the third season of Stranger Things.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.