SAN FRANCISCO — Netflix on Thursday announced another quarter of steady growth as the video streaming service’s more than 300 million subscribers have become increasingly attractive to advertisers.
It’s a familiar script that Netflix has followed for the past three years to widen its lead in video streaming while delivering financial results that have usually easily exceeded the analyst projections that steer investors.
While Netflix’s profit eclipsed Wall Street’s expectations by a wide margin in the April-June quarter, its revenue came in right around the bar set by analysts. The Los Gatos, California, company earned $3.1 billion, or $7.19 per share, a 46% increase from the same time last year. Revenue rose 16% to $11.08 billion. Management also slightly raised its revenue forecast for the entire year, citing a belief that its programming lineup will reel in more subscribers in the second half than the first.
Netflix’s shares slipped 1%