Netflix Cites Olympics as Hurting Q3 Sub Growth, Viewing

Company adds net 530,000 U.S. streaming subs to stand at 23.9 million
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Netflix expects NBCUniversal's coverage of the 2012 London
Olympic Games to have a "negative impact" on U.S. viewing and
subscriber signups for the current quarter.

The company on Tuesday said it gained 530,000 streaming
subscribers in the U.S. in the second quarter of 2012 to stand at 23.9 million
and added another 560,000 internationally -- but the company's growth rates
were well below its Q1 results.

For Q3, Netflix said it expects 1 million to 1.8 million
U.S. net adds. "If we finish Q3 in the high end of that range, we would
remain on track for 7 million domestic net additions for the year; otherwise it
would be challenging to achieve that goal by year end," CEO Reed Hastings
and CFO David Wells said in a letter to shareholders.

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