Netflix misses subscriber targets as pandemic boom stalls
Shares plunge as much as 13% as streaming service adds just 3.98-million subscribers in the first quarter, even as it reports strongest financial position in its history
20 April 2021 - 23:53
The boom Netflix enjoyed during the pandemic came to a dramatic halt on Tuesday, when dismal subscriber growth sent its shares plunging as much as 13%.
The streaming service added just 3.98-million subscribers in the first quarter, missing Wall Street’s estimate of 6.29-million and its own forecast of 6-million. The current quarter will be even more challenging, with Netflix predicting 1-million new customers — a fraction of the 4.44-million projected by analysts...
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