Netflix Didn't Lose As Many Subscribers As It Had PredictedThe streaming service announced new figures in a quarterly earnings call Tuesday.
Opinions expressed by Entrepreneur contributors are their own.
It looks like the "under-promise, over-deliver," concept holds.
At a quarterly earnings call on Tuesday, Netflix reported a loss of roughly 970,000 subscribers — much less than the2 million figureit had predicted in April.
The company reported that revenue grew 9% year-over in Q2, and the company's stock is up about 12% since the start of the week.
But, it's trading at about $215.75, which is far below the nearly $600 share price it commanded earlier in the year.
It's been aninteresting timefor the streaming company. Netflix reported its first subscriber loss in over 10 years in Q1, blaming password sharing, among other factors, and has alsolaid offa large number of employees. The streaming giant also faces increased competition from HBO Max, Hulu, AppleTV+, Amazon Prime Video, and more.
Netflix said it plans to shift its strategy to big-name, interesting films that "Hollywood has lost its taste for," The Atlanticreportedlast week. The company also recently acquired an animation studio, perThe Verge.
Last week, the streaming service said it wouldpartner with Microsofton the cheaper, ad-supported subscription model, which will likely be rolled out in 2023, per the earnings call.
Reed Hastings, co-CEO of Netflix, said in the call that he was proud of the content Netflix had produced in Q2, like Stranger Things. However, "our excitement is tempered by the less bad results," he said, regarding the subscriber losses.
