Netflix Inc.'s (NFLX) CEO Reed Hastings on Q2 2018 Results - Earnings Call Transcript

Jul. 16, 2018 9:46 PM ETNetflix, Inc. (NFLX)53 Comments
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Netflix, Inc. (NASDAQ:NFLX) Q2 2018 Results Earnings Conference Call July 16, 2018 6:00 PM ET


Spencer Wang - VP, Finance & IR

Reed Hastings - Co-Founder and CEO

David Wells - CFO

Greg Peters - Chief Product Officer

Ted Sarandos - Chief Content Officer


Todd Juenger - Bernstein

Spencer Wang

Good afternoon, and welcome to the Netflix Q2 2018 earnings interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are CEO Reed Hastings; CFO David Wells; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters. Our interviewer this quarter is Todd Juenger from Bernstein.

As a reminder, we will be making forward-looking statements and actual results may vary.

With that, over to you Todd, for your first question.

Question-and-Answer Session

Q - Todd Juenger

All right, thanks Spencer. So let's start with the obvious. So for the first time in I think five quarters net additions came in below your own forecast, both in U.S. and internationally, so whoever wants to, maybe you could help us walk through where was the source of that shortfall and what do you attribute it to? David, you want to hit that?

David Wells

Yes sure, Todd. So, in general I would say acquisition which is up year-on-year, but wasn’t up as much as we thought it was going to be. So and it was pretty broad across multiple markets, it wasn’t even one area of the world. And as you pointed out, after four consecutive quarters of under-forecasting the business we over-forecasted the business.

And you know, we strive for accuracy, we clearly didn’t have the number, but we think based on the rolling 12 months of growth that we've had compared to the prior rolling 12 months of growth the U.S. up slightly, internationally up significantly that the background

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