Netflix's 'nightmare continues' with Q2 results on the way
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Netflix (NASDAQ:NFLX) is scheduled to report second-quarter results on July 19 and with the stock down more than 70% this year, analyst Brian White, of Monness, Crespi, Hardt, said the streaming giant's "nightmare" looks set to continue.
White, who rates Netflix (NFLX) shares neutral, noted that although the content on the service has been "exceptional" over the past couple of years, its business is under attack on multiple fronts and it's likely that the company barely grows this quarter. 
"Our [second-quarter] sales forecast reflects a 2% [quarter-over-quarter] increase, below the four-year average of up 6% for past June quarters," White wrote in a note to clients. White estimates Netflix (NFLX) will turn in a profit of $3.01 a share, on $8.043B in revenue, while Wall Street analysts have a consensus estimate for a profit of $2.95 a share on revenue of $8.046B.
In addition, White noted that Netflix (NFLX) is likely to lose 2.1M subscribers this quarter to bring its total to 219.5M, slightly above Netflix's previous guidance of a loss of 2M. Of those, 600,000 should come from U.S. and Canada, while Europe, Middle East and Africa should lose 1.8M and Latin America should lose 400,000.
Asia Pacific is the only region forecast to grow, as White estimates the area will add 700,000 subscribers.
Netflix (NFLX) is trying to turn around its struggling business, recently confirming that it would introduce an advertising-supported tier. Conversely, HBO Max (WBD), Discover+ (WBD), Peacock (CMCSA) and Paramount+ (PARA), already have advertising-supported tiers, while Disney+ (DIS) is set to do so later this year.
The company has continued to put out strong content, as evidenced by the recent explosion in viewing of the fourth season of Stranger
Things, though that was aided by supersized episodes.
Other series such as Bridgerton: Season 2 and the global phenomenon Squid Game have also resonated well with viewers and Netflix (NFLX) is doubling down on that success with a reality show based off the hit series, Squid Game: The Challenge.
On Tuesday, it was reported that Netflix (NFLX) is in talks to revamp its content deals with Hollywood studios as part of its new advertising-supported streaming TV option.