CORRECT: Netflix Shares Tumble More Than 16% After Q2 Subscriber Numbers Disappoint

By Trey WilliamsMarketsMarketWatch Pulse

Shares of Netflix Inc. fell more than 16% after hours Monday after the company reported second-quarter earnings that were better than expected, but missed the mark on subscriber growth. Adjusted earnings for the quarter came in at 9 cents per share, above the FactSet consensus of 3 cents. Revenue for the quarter hit $2.11 billion, meeting FactSet's consensus of $2.11 billion. Investors' focus was on the streaming giant's subscriber growth in the U.S. and internationally and both numbers disappointed. Netflix added just 1.68 million new subscribers during the quarter, which was below FactSet's 2.46 million forecast and the 2.50 million Netflix expected to add going into the quarter. "We are growing, but not as fast as we would like or have been," Netflix wrote in a letter to shareholders. The company added 160,000 subscribers in the U.S. and 1.52 million internationally.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below