Wall Street usually judges Netflix based on the number of subscribers it added in the last quarter. Today, Wall Street is looking at the number Netflix thinks it will add next quarter, and it’s not happy.
Reed Hastings and company say they’ll add two million subscribers outside the U.S. in Q2, a drop from a year ago. Wall Street was looking for something like 2.8 million so Netflix shares are getting hammered after hours.
Hastings says Netflix is “learning” about expansion after announcing a global push earlier this year; he also says Netflix’s year-on-year numbers are better than they look, because last year’s numbers include a one-time spike the company got when it opened up in Australia.
Want to hear more? Tune in below, where I’ll be asking Hastings questions along with Morgan Stanley analyst Benjamin Swinburne. As always, we haven’t discussed the questions we’ll be asking, or any other part of the call, with Netflix executives in advance.
This article originally appeared on Recode.net.