Netflix shares, already down more than 40% this year, tumbled as much as 24% to US$265.11 in after\u002Dhours trading
Investors, analysts and Hollywood executives had been bracing for the company to report a sluggish start to the year, but Wall Street still expected Netflix to add 2.5 million customers. The shares, already down more than 40 per cent this year, tumbled as much as 24 per cent to US$265.11 in after-hours trading.
“Our relatively high household penetration — when including the large number of households sharing accounts — combined with competition, is creating revenue growth headwinds,” management wrote in a letter to shareholders. Co-chief executive officers Reed Hastings and Ted Sarandos had dismissed the company’s recent slowdown in growth as a speed bump related to the pandemic, which accelerated its growth in 2020. But its subscriber acquisition has slowed for a year and a half, and the company hasn’t reverted to pre-pandemic levels.
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