Netflix shares tumbled more than 14 percent in after-hours trading on Monday after the streaming giant missed its second-quarter growth forecast by more than a million subscribers.
Analysts had been modeling $3.94 billion in revenue and EPS of 79 cents.
Almost $23 billion was wiped off the value of Netflix last night after it missed subscriber growth and revenue forecasts for the second quarter. The reason behind this is that Netflix is now has a free cash flow of negative $559 million meaning they once again spent more in the second quarter of 2018 than they made.
Earnings per share: 85 cents.
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Subscriber additions: 5.1 million total - 670,000 in the USA and 4.47 million internationally. Analysts surveyed by Zacks had expected revenue of $4.14 billion.
As a reminder, the quarterly guidance we provide is our actual internal forecast at the time we report and we strive for accuracy, meaning in some quarters we will be high and other quarters low relative to our guidance. Worldwide Netflix added 4.47 million subscribers below the 5 million predicted.
The company's stock closed regular trading up $4.68 a share, or 1%, to $400.48 and was up almost 150% over the past year. Specifically, Netflix is anticipating a net add of 5 million new subscribers for the September quarter, a tad below some analyst projections that saw Netflix bringing 6 million new subscribers on board.