Netflix underperforms in Q3 earnings, suggests interest in news content

Even Netflix isn’t perfect. On Wednesday, the company released its Q3 earnings report and measuring the period from July 1-September 30, the report documented the addition of 880,000 US subscribers – short of Netflix’s projection of 1.25 million. Netflix did add 2.74 million overseas subscribers, better than projected. CEO Reed Hastings and CFO David Well attributed the loss to “slightly higher-than-expected involuntary churn (inability to collect)…driven in part by the ongoing transition to chip-based credit and debit cards.” According to Netflix, the new cards, designed to fight fraud, often have a new number or expiration date, requiring subscribers to update their payment info, which many failed to do. Netflix shares fell 14% in after-hours trading following the release, but they have since largely rebounded.

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