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NETFLIX STOCK PLUNGES AS SUBSCRIBER GROWTH WORRIES DEEPEN
AppleMagazine
|January 28, 2022
Netflix delivered its latest quarter of disappointing subscriber growth during the final three months of last year, a trend that management foresees continuing into the new year as tougher competition is undercutting the video streaming leader.
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The Los Gatos, California, company added 8.3 million worldwide subscribers during the October-December period, about 200,000 fewer than management had forecast. Besides releasing its fourth-quarter results, Netflix also projected an increase of 2.5 million subscribers during the first three months of this year, well below analysts’ expectations for a gain of 4 million, according to FactSet Research.
The disappointing news caused Netflix’s stock price to plunge by about 20% in extended trading after the numbers came out, deepening a steep decline during the past two months.
It capped a challenging year for Netflix after it reveled in eye-popping gains during the pandemic lockdowns of 2020 that drove homebound people to its service.
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