![]() So those are a couple of things that they're going to be doing to tackle the issues here, according to Netflix.īut I do want to point out, while some of this is undoubtedly Netflix-specific, it's not only Netflix-specific. They're talking about- after resisting it for years, and years, and years- perhaps offering an ad-supported offering at a lower price point than their main offering. First of all, he talked about perhaps being more selective with quality programming at the same time that they're going to pull back on spending on programming a little bit. JULIE HYMAN: Well, at the same time, the company is talking about concrete steps it's going to take, right. But Julie, what bothers me, and why I believe we saw, what, nine downgrades on Wall Street here of Netflix, where were these guys beforehand- nonetheless, this sounded like a flailing company on the earnings call, and that really bothers me, because that is not the tone that Netflix and Hastings have set over the past decade. So clearly, you have Reed Hastings out here trying to rally the troops. But internally, we're really geared up and this is like our moment to shine. I know it's disappointing for investors and it is for sure. I do want to highlight this comment from Reed Hastings, the co-CEO of Netflix saying, quote, "What we got to do is take it up a notch. We'll be talking about it throughout the show. But I have many feels on this quarter from Netflix. JULIE HYMAN: I mean, if you look at the fact that the total subscribers are around 222 million and an additional 100 million are sharing passwords, that is an astoundingly high number.īRIAN SOZZI: And they also talked about increased competition. 100 million households, it says, could be using shared passwords. Secondly, password-sharing is one of the other big villains.Īnd this is something that the company hasn't really cared about in the past- that password-sharing. ![]() First of all, it said the pandemic sort of masked underlying slowing growth that it might be having because of the huge pandemic boost. Because the company blamed several things for this missing subscriber growth. And the stock drop that we're seeing this morning could be the biggest single-day drop for the shares in a decade on that percentage basis. JULIE HYMAN: This was a very big miss, obviously. They did miss, and they also warned on the second quarter. And if they missed, we see what we're having here. We gave people out there three things they need to know, and we highlighted the subscriber number- 2 and 1/2 million. Because we teed this up earlier in the week on this show. BRIAN SOZZI: I'll take the other side of it.
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