Netflix Sales Growth to Decline for Fourth Quarter in a Row
Netflix reported earnings for the third quarter that exceeded Wall Street expectations, but forecast a fourth consecutive quarter of slowing sales growth, a projection that may amplify concerns about the performance of the world’s leading online TV network. Netflix delivered sales of $12.9 billion in the third quarter, in line with Wall Street’s expectations, and forecast sales of $13.4 billion…
Netflix's sales growth is set to decline for the fourth consecutive quarter, casting doubt on the outlook for the world's leading online TV network, according to the company's third quarter earnings report. The streaming giant reported sales of $12.9 billion for the three months ending in September, meeting Wall Street's expectations.
However, Netflix forecasted sales of $13.4 billion for the final quarter of the year, down from the 17.6% growth rate seen in the last quarter of the previous year, now projected at 11.5%. The company attributed the sales slowdown to the advertising business, which is expected to fall short by $300 million. Analysts spoke about the potential implications of this trend on the streaming giant's future performance on Bloomberg Tech Host Ed Ludlow's show, joined by Bloomberg Businessweek Daily hosts Alexis Christoforous and Norah Mulinda.
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