Netflix stock slides as streaming giant falls short of revenue expectations
disappointed Wall Street on Wednesday with second-quarter revenue that fell short of analyst estimates, sending shares tumbling.
The company said it expected revenue growth to accelerate in the second half of the year, adding it aimed to continue to create compelling shows and movies, improve monetization, boost its video game business and make users’ experience better.“While we’ve made steady progress this year, we have more work to do to reaccelerate our growth,” the company said in its quarterly letter to shareholders.
Quarterly revenue climbed 2.7% from a year earlier to $8.2 billion, shy of analyst forecasts of $8.3 billion. The company estimated third-quarter revenue would hit $8.5 billion. Wall Street had been forecasting $8.7 billion.
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