Netflix added a strong 10 million subscribers in the second quarter of 2020, beating its own expectations. Its forecasts for subscriber growth in the next quarter, however, was a bit soft.
That projection for next quarter sent the company’s stock tumbling in after hours trading. The stock immediately fell more than 10% in after hours trading.
Netflix also made news on Thursday by announcing that Ted Sarandos, the company’s content chief, would become co-CEO alongside Reed Hastings.
“Ted has been my partner for decades. This change makes formal what was already informal – that Ted and I share the leadership of Netflix,” Hastings said in a statement.
