Netflix drops 20% in forecast of Subscription Rate Slowdown – Yesterday 20th January after market hours, Netflix reported its quarterly financial results, and what the video streaming provider in the FAANG big tech had to say was disappointing, and investors scrambled for the exits leaving it close to 20% down and dragging the broader markets along.
Revenue of $7.71 billion was up 16% year over year. Net income was up 12% from last year, and earnings reported at$1.33 per share. Netflix also added 8.28 million net subscriptions globally, which represented a 9% year on year increase.
However on the earnings video call, the company projected to add 2.5 million customers from January through March, citing the delay of anticipated content, such as the second season of “Bridgerton” and the Ryan Reynolds time-travel movie “The Adam Project. The forecast is less than half of the 5.9 million analysts had predicted, according to Refinitiv IBES data.
Executives sought to reassure investors that Netflix’s long-term prospects were bright. Co-Chief Executive officer Ted Sarandos said the service had not seen a decline in customer engagement or retention, and he projected the switch to streaming from traditional television would continue to open opportunities worldwide.
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Read more about Netflix drops 20% in Slowdown at https://www.marketwatch.com/story/netflix-predicts-slump-in-subscriber-growth-to-start-2022-stock-plunges-11642713275