Netflix Q3 earnings: Last before streaming wars

This quarter is Netflix‘s calm before the storm.

The streaming video giant will report its third-quarter earnings Wednesday for the last time before a slew of competitors debut services that could derail customer growth both in the U.S. and abroad.

Netflix estimates it will add 7 million new paid subscribers for the third quarter. By the time it reports fourth-quarter earnings, both Disney+ and Apple+ will be selling streaming services. By the spring of 2020, NBCUniversal‘s Peacock and WarnerMedia‘s HBO Max will also be in the market.

There are two schools of thought on how competition will affect Netflix. The bull case is the…