Netflix reports slowing subscriber growth; shares slide

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[SAN FRANCISCO] Netflix shares slid on Tuesday after the US streaming television titan reported that subscriber growth slowed in the recently ended quarter after booming in the early days of the pandemic. Read more at The Business Times.

"We're pleased with the progress we're making in this region and, in particular, that we've achieved double digit penetration of broadband homes in both South Korea and Japan," Netflix said.

The streaming television service expected to add 6 million new subscribers during the current quarter, bringing the total number of members added for this year to a record-setting 34 million. Netflix shares were down 4.8 per cent in after-market trades that following release of the earnings figures. Production, derailed in the pandemic, is back on track for hit shows including Stranger Things and The Witcher, as well as on an action film starring Gal Gadot, Dwayne Johnson, and Ryan Reynolds, the company said.

 

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