Earnings Results: Netflix lost fewer subscribers than forecast and expects to win them back quickly, boosting stock

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Netflix Inc. lost half as many subscribers as feared in the second quarter and expects to add even more in the current quarter, helping the stock shoot higher in after-hours trading Tuesday.

Netflix NFLX reported a net loss of 970,000 paid subscribers in the second quarter, while analysts on average were forecasting a reduction of 2 million net additions, according to FactSet. Netflix told Wall Street to expect 2 million subscribers to leave three months ago, while reporting its first subscriber decline in more than a decade…

This article was originally published by Marketwatch.com. Read the original article here.

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