Netflix rises as much as 10% on earnings beat, despite miss on subscribers
's Apple+, as well as NBCUniversal's Peacock and WarnerMedia's HBO Max. The company warned the launch of these new services will be "noisy" and it could generate "modest headwinds" in the near term.
"Many are focused on the 'streaming wars,' but we've been competing with streamers as well as linear TV for over a decade," the company said. "The upcoming arrival of services like Disney+, Apple TV+, HBO Max, and Peacock is increased competition, but we are all small compared to linear TV. While the new competitors have some great titles , none have the variety, diversity and quality of new original programming that we are producing around the world.
Netflix also touched on its content strategy as the streaming wars continue to heat up, saying it's not afraid to take "bold swings" when necessary, but that it won't "chase every deal on the table." The company said its multi-billion-dollar content budget and robust subscriber base allow it to pursue a variety of different projects.VIDEO
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