Still watching? Netflix shares plunge 13% as growth stalls
Al Jazeera
The streaming service added just 3.98 million subscribers in the first quarter, missing Wall Street’s estimate of 6.29 million.
The easing of pandemic lockdowns is taking a far more severe toll on Netflix Inc.’s growth than anticipated, sending its shares plunging as much as 13% on Tuesday. 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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