Netflix reversed its recent subscriber losses with a summertime gain that management is hoping to build upon with the upcoming launch of a cheaper version of the video streaming service that will include ads for the first time.
with a summertime gain that management is hoping to build upon with the upcoming launch of a cheaper version of the video streaming service that will include ads for the first time.
"After a challenging first half, we believe we're on a path to reaccelerate growth," Netflix predicted in aThe uptick in subscribers also helped Netflix earn $1.4 billion, or $3.10 per share, a 4% dip from the same time last year. Revenue climbed 6% from last year to $7.93 billion. The subscriber gains, earnings per share and revenue all topped analyst projections compiled by FactSet.
In a possible sign Netflix isn't expecting the ad-backed plan to be an immediate hit, management is forecasting it will add 4.5 million subscribers during the October-December period. Although that would be Netflix's biggest quarterly gain this year, it would still be down from the 8.3 million subscribers added during the same holiday-season period last year.
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