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Netflix s COVID-driven subscriber growth slows down, shares drop
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Netflix plunges after pandemic boom shudders to near-halt | FinancialContent Business Page
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Michael Liedtke
FILE - This Aug. 13, 2020 photo shows a logo for Netflix on a remote control in Portland, Ore. Netflixâs rapid subscriber growth is slowing far faster than anticipated, Tuesday, April 20, 2021, as people who have been cooped at home during the pandemic are able to get out and do other things again. The video streaming service added 4 million more worldwide subscribers from January through March, its smallest gain during that three-month period in four years. (AP Photo/Jenny Kane, File) April 20, 2021 - 4:11 PM
SAN RAMON, Calif. - Netflixâs pandemic-fueled subscriber growth is slowing far faster than anticipated as people who have been cooped at home are able to get out and do other things again.
Netflix Plunges After Pandemic Boom Shudders to Near-Halt
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Netflix boom shudders to near-halt
Bloomberg21 April 2021
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Netflix Inc credited the pandemic with delivering record growth in 2020. Now it’s blaming the pandemic for the worst first quarter in eight years.
The streaming service added far fewer new customers than Wall Street expected in the first three months of 2021, even missing its own forecast by millions of subscribers. And the current quarter will be more challenging, Netflix said Tuesday, predicting a gain of just 1 million new customers – or a fraction of the 4.44 million projected by analysts.
The dismal growth sent its shares plunging as much as 13%.
Netflix has been warning for months that growth would slow after customers emerged from their Covid-19 hibernation, but few expected the company to stall so dramatically. The first quarter of 2020 was the strongest in its history, reeling in 15.8 million new customers, and Netflix’s pace was still brisk in the fourth quarter.