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Photo: Thomas Trutschel/Photothek via Getty Images

Netflix added 3.98 million global subscribers last quarter, a far cry from the 6.2 million additions anticipated by Wall Street analysts. This upcoming quarter, it expects to only add 1 million new subscribers.

Why it matters: The streaming giant is facing increased competition, particularly in the U.S. and increasingly abroad, which could be impacting its subscriber growth. In a letter to investors, Netflix blamed the slowdown on a lighter content slate in the first half of this year, due to COVID-19 production delays.

  • The company noted its success in 2020, adding new subscribers during the pandemic, was bound to lead to a slowdown.

Yes, but: Netflix still reported positive earnings per share and revenue, compared to Wall Street estimates.

  • Revenue grew 24% year over year and operating profit and margin reached all-time highs.
  • Last quarter Netflix anticipated it would break-even for the full year for the first time in 2021.

By the numbers, per CNBC:

  • Earnings per share (EPS): $3.75, vs $2.97 expected, according to Refinitiv survey of analysts
  • Revenue: $7.16 billion, vs $7.13 billion expected, according to Refinitiv
  • Global paid net subscriber additions: 3.98 million vs 6.2 million expected, according to Factset

What to watch: Netflix expects to add 1 million new subscribers next quarter.

  • The streaming giant says it hopes the momentum will pick back up in the second half of the year. The company remains bullish in its long-term outlook, given the migration of TV content over to streaming platforms from traditional TV.

Go deeper ... Netflix's earnings over the past year:

Go deeper

Jul 29, 2021 - Technology

Ad boom rains billions on Big Tech

Data: Company filings; Chart: Axios Visuals

Advertising growth was the chief driver of tech's blowout quarter, as the economy snapped back from the pandemic and a long-term shift to digital went into overdrive.

By the numbers: Facebook, Snapchat, Twitter, LinkedIn, YouTube and Google all posted record ad revenue growth rates in earnings reports for 2021's second quarter.

Felix Salmon, author of Capital
Jul 29, 2021 - Economy & Business

Giant earnings growth for the world's largest companies

Illustration: Aïda Amer/Axios

Never in the history of capitalism have the world's biggest companies grown as fast as the tech giants in recent years.

Why it matters: A series of stunning earnings reports this week — with another one likely to arrive Thursday afternoon, from Amazon — has underscored the astonishing growth among a group of companies that were already some of the most profitable of all time.

Jul 29, 2021 - Health

What to know about the health care industry's Q2 earnings

View of Pfizer World Headquarters on March 23, 2021 in New York. Photo: john Smith/VIEWpress

UnitedHealth Group, HCA Healthcare and Pfizer have been the most notable health care companies to post Q2 earnings so far, but this week has been chock-full of others.

🏥 Hospitals: The second quarter for Universal Health Services was so profitable that it returned $189 million in federal coronavirus bailout funds. But executives cautioned higher COVID cases may lead to labor shortages.