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Netflix set to report Q2 earnings after the bell

Netflix CEO Reed Hastings gives a keynote address, January 6, 2016 at the CES 2016 Consumer Electronics Show in Las Vegas, Nevada.

Robyn Beck | AFP | Getty Images

Netflix is set to report its second quarter 2020 earnings after the bell on Thursday, the first full quarter to reflect the impact of the coronavirus pandemic.

Here are the key numbers:

  • Earnings per share (EPS): $1.81 expected, according to Refinitiv survey of analysts
  • Revenue: $6.08 billion, according to Refinitiv
  • Global paid net subscriber additions: 8.26 million, according to FactSet

Analysts counted Netflix among the safer bets during stay-at-home orders in the U.S. and the company has experienced substantial growth during the lockdowns. But chief executive Reed Hastings said last quarter that extrapolating that growth would be “guesswork.” The company warned that subscriber numbers could stall once lockdown restrictions lifted, though growing cases in parts of the U.S. now threaten to reinstate some shutdowns.

Netflix, like other content makers, has had to limit its filming operations amid worldwide restrictions. But executives assured investors last quarter that content slated for Q2 was still on track for release, since filming for those shows and movies had finished prior to the shutdowns.

Chief Content Officer Ted Sarandos said last quarter Netflix would look for the ability to test for the virus in order to resume production. The company has committed to spending $150 million to help the industry through the crisis.

Since its last report, two more streaming services have launched, increasing competition in the streaming wars. AT&T‘s HBO Max debuted in May and ad-supported Peacock, created by CNBC parent company NBCUniversal, launched Wednesday. The new players have forced Netflix to lean further into its original content as their licensing deals run out on popular shows owned by their new competitors, like “Friends” and “The Office.”

This story is developing. Check back for updates.

Disclosure: NBCUniversal is the parent company of CNBC.

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