'You've got to understand what Netflix is up against because when you look at these [quarterly] numbers in context I think they're pretty discouraging,' CNBC's Jim Cramer says.
In anticipation of big brand competition entering the video subscription arena, Netflix's quarter didn't yield a lot of confidence in its business, Cramer said. The platform's kryptonite, he suggested, will be the cheaper price tag and deep libraries of content that will come with Disney+ and Apple TV Plus when both streaming services launch within the next month. AT&T's WarnerMedia and Comcast's NBCUniversal also have their own platforms in the pipeline.
"Even before the Disney-Apple tag-team enters the ring, this company's already facing some real headwinds," Cramer said. "So even though they reported a decent earnings beat last night, all anyone cared about were the anemic subscriber numbers." Macquarie Research downgraded the stock to neutral from buy and reduced its price target to $325 a share from $375.
Shares of Netflix are up almost 10% year to date, but the stock is down nearly 20% since it first missed on subscriber growth in its second quarter three months ago.
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