Netflix Inc. (NASDAQ:NFLX) on Thursday reported mixed second-quarter financial results and issued weak guidance for the third quarter.
Netflix reported second-quarter revenue of $12.56, up 13% year-over-year. The revenue total missed a Street estimate of $12.59 billion, according to data from Benzinga Pro. Second-quarter earnings of 80 cents per share beat a Street consensus estimate of 79 cents per share.
Netflix is guiding for third-quarter revenue of $12.86 billion, up 12% year-over-year. The company said the quarter is expected to see growth in memberships, pricing and advertising revenue. The Street estimate for third-quarter revenue is $13.01 billion. Third-quarter earnings per share are expected to be 82 cents versus a Street estimate of 84 cents.
Netflix narrowed its full-year revenue guidance from a prior range of $50.70 billion to $51.70 billion to a new range of $51.00 billion to $51.40 billion. The Street estimate is $51.41 billion.
Netflix shares fell 11.2% to $66.06 in pre-market trading.
These analysts made changes to their price targets on Netflix following earnings announcement.
- Pivotal Research analyst Jeffrey Wlodarczak maintained the stock with a Hold and lowered the price target from $96 to $70.
- Bernstein analyst Laurent Yoon maintained the stock with an Outperform rating and cut the price target from $100 to $95.
Considering buying NFLX stock? Here’s what analysts think:
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