Netflix again saw a boom from COVID-19 lockdowns, packing on 10.1 million net new streaming subscribers in the second quarter — easily setting a new Q2 record for the company.
The results topped Netflix’s prior forecast of 7.5 million paid-subscriber adds in the period, though several analysts had predicted an even bigger haul. The streamer ended Q2 2020 with 193 million paid members worldwide.
“We live in uncertain times with restrictions on what we can do socially and many people are turning to
entertainment for relaxation, connection, comfort and stimulation,” the company said in its quarterly shareholder letter.
However, in the second half of 2020 after adding 26 million paid net adds in the first half of the year, “we expect less growth for the second half of 2020 compared to the prior year,” the company said. “As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”
Netflix posted revenue of $6.15 billion and net income of $1.59 per share. Wall Street analysts on average had pegged the company’s Q2 revenue coming in at $6.08 billion and earnings per share of $1.81.
More to come.