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SHARE Netflix s first quarter profit surged 140 per cent but the streaming service reported its worst growth rate of new subscribers in eight years. After exponential growth during the Covid-19 pandemic delivered the strongest quarter in the company s history at the end of March 2020, the world’s largest streaming platform said the uptick of new subscribers in the first three months of this year had slowed as a result of sluggish production of TV shows and movies. It also warned the second quarter will be difficult. Netflix’s net income rose to $1.7 billion in the first quarter as revenue surged more than 24 per cent to $7.1bn on an annualised basis, topping analysts’ expectations of $5.7bn. But the company added almost 4 million subscribers in the period, missing its own forecast of 6 million and analysts’ estimates of more than 6.2 million. This was the weakest start to the year since 2013.

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