Netflix blamed its content slate, regional price increases and a 'pull-forward effect' of its strong Q1 growth for the miss.
This time, Netflix blamed three factors for its subscriber miss: regional price increases, a relatively weak content slate and a "pull-forward effect" of its strong first quarter subscriber growth.
Netflix said in its letter to shareholders that its missed forecast was most pronounced in regions that saw price increases. The company said it does not believe competitive forces were to blame since "competitive intensity and our penetration varied across regions ." Netflix said it will have a more robust content slate in the third quarter to attract more subscribers, forecasting 7 million paid net adds and revenue of $5.25 billion. The company said its TV show "Stranger Things" has already had strong viewership for its latest season and anticipates new seasons of "The Crown" and "Orange is the New Black" will be similarly popular.in a note to investors Thursday.
"There must be something about Q2 that makes it especially hard for Netflix to predict subs. Since 2016, they have missed their Q2 sub guidance three of four times," Juenger wrote.
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