Netflix Shares Dive On Profit Miss Despite User Growth
FILES) In this file photo taken on June 28, 2019 the Netflix logo is seen on the backdrop of Netflix’s “Stranger Things 3” premiere at Santa Monica high school Barnum Hall in Santa Monica, California. Netflix shares dived on Thursday after the leading streaming entertainment service reported relatively flat quarterly profits despite rising subscriber numbers.
Ranks of paid memberships grew by 10.1 million to about 193 million total, but Netflix warned growth could cool since sheltering-in-place likely meant people rushed to join in the early months of the pandemic as lockdowns began, instead of spreading out over the year. “Looking forward, even as lockdowns are relaxed and new competitors begin to scale their services, Netflix will extend its lead as the first stop for entertainment,” Haggstrom predicted.
“There is no one-size-fits-all approach, and we’re adapting to local circumstances. Today, we’re slowly resuming productions in many parts of the world.”Netflix is facing increased competition from tech giants such as Apple and Amazon, along with entertainment titans including Disney, NBCUniversal and WarnerMedia.
“In terms of the day-to-day running of Netflix, I do not expect much to change,” chief executive Reed Hastings said in a release detailing the executive changes.Hastings added that while the moves were part of a “long process of succession planning,” he is committed to Netflix for the long term. “Think of more and more employees outside the United States, more productions, more operations happening outside the US and hopefully many, many more members outside the US,” he said.
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