Netflix (NFLX) says US Dollar strength partially to blame for slowing sales growth
In an interesting move, Netflix puts partial blame for its sales growth on the US Dollar and Euro value.
Netflix’s Q3 2022 earnings report was filled with interesting details about the entertainment company and its financial performance over the last few months. In its guidance for Q3, Netflix (NFLX) discusses the various factors that are impacting business and could continue to do so in the coming months. One of the highlighted factors was the state of the global economy. Netflix directly cited the decrease in value of the Euro and its relation to the US Dollar.
Netflix’s comments about the US Dollar and Euro can be found under the Q3 Forecast in its Q2 2022 earnings report. The company refers to the recent decline in value of the Euro, which fell below that of the United States Dollar for the first time in twenty years.
The news of the Euro dropping below the value of the US Dollar was major financial news, but it’s rather interesting to see Netflix mention it as a reason behind slowed growth. It’s been an odd couple of quarters for the company as a whole. It reported a loss of 970,000 subscribers in its Q2 2022 earnings report. It’s here that we also learned the company hit EPS expectations while just closely missing revenue expectations. For more on Netflix and other market news in the entertainment world, Shacknews has what you need.
Donovan Erskine posted a new article, Netflix (NFLX) says US Dollar strength partially to blame for slowing sales growth