Netflix's Q2: Where Did the Money Go?
Given the circumstances, the past several weeks should have been phenomenal ones for any streaming video service. People remain largely stuck at home in an effort to avoid the spread of COVID-19, and watching television has become an even more popular pastime.
Netflix (NASDAQ: NFLX) most definitely benefited from the scenario. For the quarter ending June 30, revenue grew nearly 25% year over year, boosted by the addition of nearly 10.1 million paying subscribers. The company's top line of $6.15 billion not only topped analyst estimates of around $6.08 billion, but subscriber growth was much better than the 7.5 million new customers the company predicted three months ago.
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Source Fool.com
