Netflix (NFLX) has really become a fun name to watch come earnings season. The stock doesn’t react as harshly to the usual metrics such as earnings and revenues, and you never quite know what Reed Hastings is going to do.

Going into the Q3 report, the Estimize consensus is calling for EPS of $0.09, two cents higher than both Wall Street and company issued guidance. Revenues of $1.75B are just about in-line. This indicates another down quarter, with YoY earnings growth of -36%, but an increase of 24% on the top-line, just about where it has been for the last 8 quarters.

Of course the metric to watch here is always subscriber numbers, consensus is calling for 1.4M net additions domestically, and 2.44M internationally, for a total of 3.84M, much higher than last quarter’s blowout results of 3.28M. There are still concerns that the domestic business is saturated at this point, and increasing competition from the likes of HBO, Comcast (CMCSA), Hulu and Amazon (AMZN) does not help. International expansion has certainly aided with user additions, while taking a bite out of the bottom-line. The company just launched in Japan last month, is getting started in Spain, Portugal and Italy this month, and is eying Hong Kong, Singapore, Taiwan and South Korea for 2016. Latin America in particular has been strong, and will only improve if rumors that Netflix may receive rights from Walt Disney to stream five “Star Wars” movies in Latin America proves true. This quarter investors will also be interested in hearing about any expansion plans in China.

Once seen as purely a content aggregator, Netflix is now a creator of it’s own wildly popular, emmy award winning, original content. However, Q3 suffers from the lack of a real hit show. The first quarter had the latest season of House of Cards, while the second quarter had Orange is the New Black. The third quarter did release Narcos which was heavily promoted, but success of the show remains to be seen. The company is relying on hits as its content obligations continues to balloon.  

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