Netflix Adds 2.2 Million New Subs For Q3

(CelebrityAccess) — Video on demand streaming platform Netflix revealed that growth slowed more than expected in the third quarter of 2020, with just 2.2 million new net subscribers in the period.

While the new subscribers are behind Netflix’s guidance of 2.5m from last quarter, its still part of a health year of growth that has seen them add 28.1m new subscribers, more than the 27.8m that Netflix added for all of 2019.

While subscriber growth slowed, Netflix still reported solid revenue growth for the quarter, with revenue of $6.44 billion (up 22.7%) with earnings per share of $1.79, up from $1.63 in Q2.

Netflix reported net income of $789,976,000, up from $665,244,000 in the same period in 2019.

For their quarterly earnings, Netflix cited a strong content development push and international audiences as key components in their growth.

For the fourth quarter of 2020, they predicted adding an additional 6 million subscribers, bringing them to a record of 34m paying monthly users.