Netflix (NFLX) Misses Q2 EPS by 25c, Subs Beat, But Q3 Sub Adds Seen Lower; Names Sarandos co-CEO

Netflix (NASDAQ: NFLX) reported Q2 EPS of $1.56, $0.25 worse than the analyst estimate of $1.81. Revenue for the quarter came in at $6.15 billion versus the consensus estimate of $6.08 billion.

Global Streaming Subscriber Additions was 10.09 million versus the company’s guidance of 7.5 million.

The company sees Global Streaming Subscriber Additions of 2.5 million in Q3, which is below the consensus of ~5 million.

The company sees Q3 EPS of $2.09 and revenue of $6.33 billion, versus the consensus of $2.00 and $6.39 billion.

Further, Ted Sarandos has been appointed co-CEO and elected to the Board of Directors.

Ted joined Netflix over 20 years ago, and we are thrilled to appoint him to be co-CEO with Reed. “Ted has been my partner for decades. This change makes formal what was already informal -- that Ted and I share the leadership of Netflix," says Hastings. Lead Independent director Jay Hoag says "Having watched Reed and Ted work together for so long, the board and I are confident this is the right step to evolve Netflix’s management structure so that we can continue to best serve our members and shareholders for years to come."

For earnings history and earnings-related data on Netflix (NFLX) click here.

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