Netflix Crushed Subscriber Growth Targets For Q2 But Stock Crashed 10%

Netflix on Thursday smashed Wall Street expectations for subscriber growth during its second quarter, but forecasted slim gains in the third quarter, as it expects the impact of the coronavirus pandemic and stay-at-home orders to fade.

The streaming company added 10.1 million paid streaming subscribers during the second quarter, and forecasted 2.5 million additions for the third quarter.

Shares of Netflix fell as much as 12% in after-hours trading following the news.

In a major move, Netflix also appointed its longtime content chief the architect of its originals strategy — Ted Sarandos as co-CEO, alongside existing CEO and cofounder Reed Hastings. Business Insider India