Netflix Falls Short of Q1 Subscriber Targets as Covid-Driven Growth Slows

Netflix Falls Short of Q1 Subscriber Targets as Covid-Driven Growth Slows
Netflix’s subscriber growth cooled dramatically in the first quarter of 2021 after record pandemic-fueled gains last year — and the streamer added about 2 million fewer customers than it previously expected.

For Q1, the company reported a gain of 3.98 million in net global streaming subscribers. That was below its previous guidance of 6 million. Meanwhile, Netflix predicted even lower gains for the current quarter: It expects to add just 1 million members in Q2, with roughly zero growth in the U.S./Canada and Latin America regions. As of the end of March, Netflix had 207.4 million paid streaming customers worldwide, up 13.6%.

On the subscriber miss and lighter-than-expected Q2 guidance, Netflix shares fell more than 10% in after-hours trading. The company announced that its board approved a $5 billion stock-buyback program, slated to begin in the current quarter.

Netflix blamed the subscriber shortfall on its smaller pipeline of originals, and expects to open up its wallet this
See full article at Variety »

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