The company’s revenue grew 25% year-on-year while quarterly operating income exceeded $1bn.
Streaming giant Netflix has announced that the OTT platform added 10.2m subscribers in Q2, beating the company’s own estimates that it made in its first quarter, which suggested it could add around 7.5m.
Netflix also announced that the company’s longtime Chief Content Officer Ted Sarandos would join existing CEO Reed Hastings as co-CEO. Sarandos will continue to serve as the company’s Chief Content Officer, and he’s joining the board of directors as well. Meanwhile, Chief Product Officer Greg Peters is taking on the additional role of Chief Operating Officer.
Netflix noted that it added 26m paid new subscribers in Q1 and Q2 of 2020 alone; in 2019, the company added 28m subscribers in total. The company’s revenue grew 25% year over year while quarterly operating income exceeded $1bn.
However, the company said it only expects to add 2.5m net new subscribers in Q3, a significant slowdown compared with previous periods.
In a letter to shareholders, Hastings said: “As a result, we expect less growth for the second half of 2020 compared to the prior year. As we navigate these turbulent circumstances, we’re focussed on our members by continuing to improve the quality of our service and bringing new films and shows to people’s screens.”