Apr 21, 2021
Netflix: Shares plunge as subscribers switch off
Video-streaming giant Netflix has reported a slowdown in subscriber growth, sending its shares tumbling. About 3.98 million people signed up for Netflix between January and March, well short of the projected 6 million. Netflix shares fell 11% in after-hours trading to $489.28, wiping $25bn off the company's market capitalization. Disney+, a much newer streaming service, already has 100 million subscribers, compared with Netflix's 207.6 million. Even with sluggish customer growth, Netflix has reported revenues of $7.16bn and net income of $1.71bn. Netflix predicted stronger growth in the second half of the year when it releases new seasons of "You," "Money Heist," "The Witcher" and action movie "Red Notice," among other titles.
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