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Why Netflix is a little worried about the Olympics

The Olympics draws in up to tens of millions of viewers a night. Those viewers have to come from somewhere, and Netflix is worried it might feel a pinch.

During a call with analysts following its Q2 earnings report last month, Netflix was asked how it was factoring the Olympics into its guidance.

"So with an assumption of a hit from the Olympics which largely affects us in the past on gross adds, or on new subscribers coming in, that's going to affect in terms of a year-over-year trend," said David Wells, Netflix's chief financial officer. "We expect that to be a meaningful — a small but still meaningful — impact on the quarter. Negative impact."

Netflix did not respond to repeated requests for clarification on its...