Netflix on Tuesday topped revenue and subscriber expectations but shares dipped as the leader in streaming television fell short on profit in the recently ended quarter.
The global streaming giant said that it ended the second quarter with 209 million paid subscribers and revenue of $7.3 billion, some 19 percent higher than the same period a year earlier.
Profit was reported at $1.35 billion as compared to $1.7 billion in the preceding quarter. The net income figure missed market expectations.
Netflix shares slipped some three percent in after-market trades that followed release of the earnings figures.
The streaming leader said the pandemic “has created unusual choppiness” in its results after strong growth last year which has now subsided.
Netflix said it is continuing to invest in content as production recovers from pandemic-caused delays, and that it is “in the early stages of expanding into games.”
“We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV,” Netflix said in an earnings release.
“Games will be included in members’ Netflix subscription at no additional cost similar to films and series.”
French man files complaint against Netflix for depicting him as terrorist in filmA French man of North African origin has accused Netflix of racial discrimination for labeling him a terrorist in an action movie for which he was ... World News
Thai Netflix drama criticized by Chinese nationalists over use of Taiwan flagChinese nationalism on the internet has a new target: Netflix and its popular Thai drama ‘Girl from Nowhere’.Comments online Wednesday complained the ... Entertainment
Netflix series ‘Zero’ signals racial breakthrough in Italian TVThe Netflix series “Zero,” which premiered globally last month, is the first Italian TV production to feature a predominantly black cast, a bright ... Entertainment
Netflix stock tumbles 11 pct as subscriber growth slows after pandemic boomNetflix Inc said slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter, sending shares of the ... Financial Markets