Netflix released their Q2 2019 earnings after the close of the market yesterday and the news left much to be desired.

The big headline? The streaming service had their largest new subscribers miss since 2016. Netflix added only 2.7 million paid subscribers when Wall Street nerds thought the number would be closer to 5.3 million. The 2.7 million includes subscribers in the U.S. as well as globally. Those numbers aren’t impressive at all. 

Netflix held a video-conference call yesterday evening and CEO, Reed Hastings said that it wasn’t just one thing that was the culprit. He blamed price increases and lack of dope content, among other factors, as reasons for the shortfall. 

The nerds are hopeful that the cult following of Stranger Things will give the company a boost in the 3rd quarter since it dropped its 3rd season the week of the 4th of July. Subscribers will also tune in for the final season of Orange is the New Black in Q3.

Netflix is doubling down and hopeful that they can bring in 7 million subscribers before the end of Q3. 

Have a great weekend Savvies!

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