Photo: Chesnot / Getty Images

Netflix stock was down nearly 14% in after-hours trading after the company reported that it missed investor expectations on revenue and subscriber additions.

Why it matters: The company has spent an enormous amount on original content and marketing to ensure strong user growth quarter after quarter. Both expenditures have held Netflix back from profitability for years, and are projected to continue to do so. However, investors have been bullish on the platform due to strong user growth over the past several quarters.

By the numbers: Netflix added 5.2 million subscribers, the same as Q2 last year, but lower than its forecast of 6.2 million. The company brought in $3.91 billion in revenue versus $3.94 billion expected.

A silver lining: The company beat in earnings per share, with $0.85 vs. $0.79 expected.

Go deeper

Los Angeles and San Diego public schools will be online only this fall

Alhambra Unified School District. Photo: Frederic J. Brown/AFP via Getty Images

Public schools in Los Angeles and San Diego, the two largest public school districts in California, will not be sending children back to campuses next month and will instead administer online classes only due to concerns over the ongoing threat of the coronavirus.

Why it matters: The two districts, which together enroll about 825,000 students, are the largest in the country thus far to announce that they will not return to in-person learning in the fall, even as the Trump administration aggressively pushes for schools to do so.

Updated 59 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 12,984,811 — Total deaths: 570,375 — Total recoveries — 7,154,492Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,327,388— Total deaths: 135,379 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for the foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Politics: Mick Mulvaney: "We still have a testing problem in this country."

Cuomo: New York will use formula to determine if it's safe to reopen schools

New York Gov. Andrew Cuomo said Monday that schools will only reopen if they meet scientific criteria that show the coronavirus is under control in their region, including a daily infection rate of below 5% over a 14-day average. "We're not going to use our children as guinea pigs," he added.

The big picture: Cuomo's insistence that New York will rely on data to decide whether to reopen schools comes as President Trump and his administration continue an aggressive push to get kids back in the classroom as part of their efforts to juice the economy.