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Netflix Hits Its Q2 Numbers and the 50 Million Subscriber Mark

Earnings came in at $1.15 per share with revenue of $1.34 billion.

Asa Mathat
Peter Kafka covers media and technology, and their intersection, at Vox. Many of his stories can be found in his Kafka on Media newsletter, and he also hosts the Recode Media podcast.

Netflix has a very, very lofty valuation — CEO Reed Hastings himself has suggested that it’s too high — so it can’t stumble when it comes to earnings. But the streaming video company appears to have done just fine today: It reported Q2 profits of $1.15 per share and revenue of $1.34 billion. Most crucially, the company now has more than 50 million streaming subscribers worldwide.

The market was looking for $1.14 per share on revenue of $1.34 billion, 36.2 million U.S. subscribers and 13.7 million international subs. Investors, who have already placed a sky-high valuation on the stock, seemed okay with the results at first blush.

Here’s RBC analyst Mark Mahaney’s “cheat sheet” so you can gauge for yourself:

As always, CEO Reed Hastings’ quarterly letter to shareholders is filled with interesting nuggets. I’ll be highlighting some of them as I find them here:

This article originally appeared on Recode.net.