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Netflix subscriber growth slows after pandemic boom, shares fall 11%

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Lisa Richwine and Chavi Mehta, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/life/04/20/netflix-results.jpg"/><figcaption>Roughly 3.98 million people signed up for Netflix from January through March, below the 6.25 million average projection of analysts.<em> Mike Blake, Reuters/file</em></figcaption></figure></div><p>Netflix Inc fell short of Wall Street&#x27;s projections for new customers in the first quarter, the company said on Tuesday, sending shares down 11%.</p><p>Roughly 3.98 million people signed up for Netflix from January through March, below the 6.25 million average projection of analysts surveyed by Refinitiv.</p><p>Netflix forecast just 1 million new streaming customers in the second quarter. Analysts had expected a forecast of nearly 4.8 million.</p><p>Shares of Netflix, the world&#x27;s largest streaming service, sunk 11% in after-hours trading to $489.28.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/entertainment/04/05/21/godzilla-vs-kong-sets-pandemic-record-with-485-m-debut">&#x27;Godzilla vs. Kong&#x27; sets pandemic record with $48.5-M debut</a></li></ul><p>A year ago, Netflix added a staggering 15.8 million customers as the pandemic forced people around the world to stay home. The company said on Tuesday that the pandemic had brought in a record number of customers in 2020 but also hindered production of new programming.</p><p>&quot;These dynamics are also contributing to a lighter content slate in the first half of 2021, and hence, we believe slower membership growth,&quot; the company said in its quarterly letter to shareholders.</p><p>Rival media companies have declared streaming their priority and are spending billions to compete with Netflix. Walt Disney Co&#x27;s Disney+ crossed 100 million subscribers in March.</p><p>Netflix said it did not believe competition changed materially in the quarter or impacted its new sign-ups &quot;as the over-forecast was across all of our regions.&quot;</p><p>During the quarter, Netflix lost one of its most popular titles when workplace comedy &quot;The Office&quot; moved to Comcast Corp streaming service Peacock.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/entertainment/04/07/21/prince-harry-and-meghans-first-netflix-series-follows-invictus-games">Prince Harry and Meghan&#x27;s first Netflix series follows Invictus Games</a></li></ul><p>Netflix also raised its monthly rates in Britain, Germany, Argentina and Japan during the quarter.</p><p>Excluding items, the company earned $3.75 per share, beating analyst estimates of $2.97 per share.</p><p>Revenue rose to $7.16 billion from $5.77 billion during the quarter, edging past estimates of $7.13 billion.</p><p>Net income rose to $1.71 billion, or $3.75 per share, from $709 million, or $1.57 per share, a year earlier. <em>(Reporting by Lisa Richwine and Chavi Mehta in Bengaluru; Editing by Arun Koyyur and Lisa Shumaker)</em></p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/entertainment/04/09/21/spider-man-other-sony-films-to-hit-netflix-after-theaters">‘Spider-Man’, other Sony films to hit Netflix after theaters</a></li></ul><div><strong>FROM THE ARCHIVES</strong><br/> </div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1613451" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Roughly 3.98 million people signed up for Netflix from January through March, below the 6.25 million average projection of analysts.</p>

Roughly 3.98 million people signed up for Netflix from January through March, below the 6.25 million average projection of analysts.

Netflix subscriber growth slows after pandemic boom, shares fall 11%

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Netflix subscriber growth slows after pandemic boom, shares fall 11%

Lisa Richwine and Chavi Mehta,

Reuters

Published Apr 21, 2021 04:52 AM PHT

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