Netflix reports earnings for its third quarter today after the markets close.
Wall Street is bracing for another miss on subscriber growth, after Netflix posted, during the previous, quarter paid subscriber additions that were far below its forecasts.
The streaming company said it expects to add 7 million subscribers during the third quarter to reach nearly 159 million worldwide. But the consensus of analysts surveyed by Bloomberg estimates that Netflix's subscriber growth will come in just below the company's guidance, held back by weakness internationally.
Netflix blamed its bad second quarter, in part, on a content slate that failed to deliver. This quarter, it ramped up releases with new seasons of shows like "Stranger Things," "La Casa de Papel (Money Heist)," and "Orange Is the New Black."
The third quarter is Netflix's last full period before a rush of new rivals hit the market, starting in November with Apple TV Plus and Disney Plus.
Investors will be looking for strong guidance going into the fourth quarter, when Netflix will release long-awaited feature films like "The Irishman" and "Six Underground," as well as new episodes for popular returning series like "The Crown." They'll also want to see how Netflix addresses its forthcoming competition on the earnings call.