Even Netflix isn’t perfect. On Wednesday, the company released its Q3 earnings report. 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 its projections. 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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