If you’ve been grumbling about the rising cost of your Netflix account, it seems you’re not alone. Netflix shared its second-quarter financial results and the company indicated that higher prices may have led to dips in the platform’s subscriber counts.
Revenue for the video streaming service totaled $4.92 billion in the second quarter, up 26% year-over-year. Net income was $271 million, with $0.60 earnings per share. Both those figures were down from Q2 in 2018 and from Q1 of 2019.
Netflix added 2.7 million paid members during the period, a big cut from the 5 million it expected to see and from the 5.5 million recorded in the year-ago quarter. “Our missed forecast was across all regions, but slightly more so in regions with price increases,” the shareholder letter read. The company insisted that competition from other platforms was not a concern, but rather that the shows it had for the second quarter weren’t enough to inspire people to subscribe.
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