stranger things

stranger things

Photo by Thibault Penin on Unsplash

Netflix’s second quarter went better than expected, which is to say that it was still pretty bad.

The streaming giant lost 970,000 subscribers from April through June, the company reported Tuesday, marking the first time that Netflix lost paying customers in two consecutive quarters. Most of the losses came in the U.S. and Canada, the company’s most lucrative region in terms of revenue per customer.

Yet earnings reports are often about beating Wall Street’s expectations (even if those estimates are really low) so Tuesday was, in a bizarre way, a good news day for Netflix. The nearly 1 million fewer members is less than half of what Netflix forecasted in April, when it predicted a decline in 2 million customers. Perhaps more importantly, Netflix is predicting a rebound soon: It plans to gain 1 million customers in the current quarter.

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