Netflix Stock Rises 7% After Beating Estimates on Subscriber Losses

Nearly 1 million customers fled the streamer this past quarter — 1 million less than Wall Street expected

Netflix beat its own first-quarter guidance of 2 million global subscriber losses as just 970,000 customers cancelled their subscriptions in the second quarter, leading to an after-hours stock rebound of 7%.

The market-leading streaming service now stands at 220.67 million worldwide subscribers and is projecting a global addition of 1 million new customers in the upcoming third quarter. That positive guidance is a big reason why Wall Street is showing some renewed confidence in the stock.

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Brandon Katz

Brandon Katz is TheWrap's Senior TV Reporter. He has served as a reporter, commentator and contributor at several publications, including Morning Brew, Observer, and Forbes. He has a BA in Electronic Journalism from GMU. Follow him on Twitter: @Great_Katzby