21/04/2021
Netflix Drops After Setback on User Additions Casts Doubt on Growth Story
Netflix (NASDAQ:NFLX) shares slipped big in Wednesday’s premarket a day after the streaming giant reported subscriber additions that were less than two-thirds of its forecast before going on to predict an even smaller increase in the current quarter.
The shares are now 9% off from their 52-week high of $593.29.
The company said its global streaming paid net subscriber additions were 3.98 million in the three-month period ended March, nowhere close to its forecast of 6 million.
With key big markets like Brazil and India still reeling under the impact of Covid-19, the company sees the user base rising only by 1 million in the June quarter.😀😀😀
