Gloomy Netflix forecast erases much of stock's pandemic gains

LOS ANGELES: Netflix dashed hopes for a quick rebound after forecasting weak first-quarter subscriber growth on Thursday , sending shares sinking nearly 20 per cent and wiping away most of its remaining pandemic-fuelled gains from 2020.

Shares of Netflix plummeted nearly 20 per cent to US$408.13 in after-hours trading. Competitor Walt Disney, which has staked its future on building a strong streaming business, saw its shares sink 4 per cent. Streaming device Roku fell 5 per cent. Netflix last week raised prices in its biggest market, the United States and Canada, where analysts say growth is stagnating, and is now looking for growth overseas.

But competitors including Disney and AT&T's HBO Max are pouring billions into creating new programming to grab a share of the streaming market.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Briton allegedly failed to wear mask in public in Singapore three times amid pandemicWhatever happened to the cane? So how? He is a PR so can revoke his PR status and deport him? YES? NO? Oh, deport him already.
Source: straits_times - 🏆 5. / 69 Read more »

Biden hails 'enormous progress' in first year despite COVID-19 pandemicWASHINGTON: A defiant President Joe Biden acknowledged missteps over the still-raging pandemic on Wednesday (Jan 19) but hailed a year of \u0022enormous progress\u0022 on the US economy as he took stock of his first year in office. In a rare news conference marking his first 12 months, Biden touted a perio
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Covid-19 vaccine's prolonged journey to developing nations threatens fast end to pandemic
Source: STForeignDesk - 🏆 4. / 71 Read more »

Source: BusinessTimes - 🏆 15. / 51 Read more »

covid over already ?
Source: BusinessTimes - 🏆 15. / 51 Read more »