Netflix missed its Q3 earnings numbers today, with its U.S. subscriber totals coming in below the company’s guidance. Netflix blamed the miss on “slightly higher-than-expected involuntary churn (inability to collect),” which the company said was “driven in part by the ongoing transition to chip-based credit and debit cards.”
Netflix CEO Reed Hastings Tells Wall Street Why He Missed His Q3 Earnings
Netflix blames new credit cards.
Asa Mathat
Peter Kafka covered 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.
That miss, and the explanation behind it, has a lot of people scratching their heads, so expect to hear a bit about it during the company’s earnings call today. Along with RBC analyst Mark Mahaney, I’ll be posing questions to Netflix CEO Reed Hastings, CFO David Wells and content head Ted Sarandos. (More on how that works here.)
You should be able to watch the call live, below, scheduled to start at 5 pm ET (2 pm PT) and as an archived video after that:
https://www.youtube.com/watch?v=k8G3iuR041g
This article originally appeared on Recode.net.
