Netflix adds 10.09 million subscribers in Q2, forecasts weak growth in Q3

Netflix Inc added more paid subscribers than expected in the second quarter as audiences bound to their homes due to the Covid-19 restrictions binge watched its shows in the absence of live events and movie theaters.

Netflix said on Thursday it added 10.09 million paid subscribers globally during the quarter ended June 30 compared with analysts’ estimates of 8.07 million, according to research firm Refinitiv.

The streaming giant also said it has appointed Chief Content Officer Ted Sarandos as co-chief executive officer.

The company forecast paid subscriber additions for the third quarter below estimates, in an early sign that the lockdown boost to streaming may be waning as stay-at-home orders ease, sending shares down 10 per cent.