Netflix reports weaker-than-expected new subscriptions in the second quarter

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Predictably, Netflix shares are down in after-hours trading, with the stock trading down 56 points at the time of this writing. The company expected to hit 5.11 million subscribers globally and 1.23 million subscribers domestically, but it actually hit 4.5 million and 700,000, respectively.

Although Netflix fell short with subscribers, its shows remain critical hits.

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The company said it added 670,000 streaming customers in the USA, below its guidance of 1.2 million new subscribers.

The numbers missed Netflix's own forecast for 1.2 million and 5 million domestic and global subscriber additions, respectively. That comes out to 4.87 million new subscribers for the quarter, far below the 6.2 million Netflix was hoping for.

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The company's stock had previously surged almost 146% over the last 12 months, driven by strong revenues and consistently higher-than-expected subscriber growth. The company garnered 112 Emmy Awards nominations last week, more than any other television network.

The California-based company added 670,000 net subscribers in the US, far below the 1.19 million net additions expected by analysts polled by Thomson Reuters.

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The good news is Netflix did see a 43% increase in streaming revenue likely from the higher subscriber numbers and new price increase.

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