Investing.com -- Netflix (NASDAQ:NFLX) reported second quarter earnings that beat analysts' forecasts, though revenue that fell short of expectations.
But what everyone was looking for was subscriber numbers. Netflix said it lost 970,000 subscribers in the quarter, far less than the 2 million expected, enough to cheer investors.
Netflix announced earnings per share of $3.20 on revenue of $7.97 billion. Analysts polled by Investing.com anticipated EPS of $2.96 on revenue of $8.03 billion.
The streaming giant has been able to rely on the popularity of shows such as "Stranger Things" to keep its subscription numbers going even though people are quitting the service after a surge of usage during the pandemic. Analysts will be listening for Netflix's forecast for subscribers in the second half of the year. They are also looking to hear more about a plan to roll out an ad-supported subscription tier as the company tries to diversify its revenue.
Shares of Netflix rose 6.5% in after-hours trading. They are down 66% from the beginning of the year, still down 71.24% from its 52-week high of $700.99 set on November 17, 2021.
Netflix follows other major Communication Services sector earnings this month
Netflix's report follows an earnings missed by America Movil ADR A on July 13, which reported EPS of 21 cents on revenue of $10.48 billion, compared to forecasts EPS of 41 cents on revenue of $10.67 billion.
Telenor ASA ADR had missed expectations on Tuesday with second quarter loss per share of 8 cents on revenue of $2.83 billion, compared to the forecast for EPS of 17 cents on revenue of $2.79 billion.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar