LOS ANGELES :Netflix Inc dashed hopes for a quick rebound after forecasting weak first-quarter subscriber growth on Thursday, sending shares sinking nearly 20per cent and wiping away most of its remaining pandemic-fueled gains from 2020.
Shares of Netflix plummeted nearly 20per cent to $408.13 in after-hours trading. Competitor Walt Disney Co, which has staked its future on building a strong streaming business, saw its shares sink 4per cent. Streaming device Roku Inc fell 5per cent. COVID"created a lot of bumpiness" that made it hard to project subscriber numbers,"but all the fundamentals of the business are pretty solid," Co-Chief Executive Ted Sarandos said in a post-earnings video interview.
The company rode a roller coaster during the pandemic, with steep growth early in 2020 when people were staying home and movie theaters were closed, followed by a slowdown in 2021. Netflix picked up more than 36 million customers in 2020, and 18.2 million in 2021. Competitors including Disney and AT&T Inc's HBO Max, are pouring billions into creating new programming to grab a share of the streaming market.
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