A smartphone with the Netflix logo is seen on a keyboard in front of displayed "Streaming service" words in this illustration taken March 24, 2020. REUTERS/Dado Ruvicsaid slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter, sending shares of the world's largest streaming service down 11% on Tuesday.
Shares of Netflix sunk 11% in after-hours trading to $489.28, wiping $25 billion off the company's market capitalization. Its stock has risen 27% over the past 12 months compared with a 63% increase in the tech-heavy Nasdaq Composite IndexNetflix said it did not believe competition changed materially in the quarter or impacted its new sign-ups "as the over-forecast was across all of our regions.
"These dynamics are also contributing to a lighter content slate in the first half of 2021, and hence, we believe slower membership growth," the company said in its quarterly letter to shareholders. Disney+ crossed 100 million subscribers in March. Netflix's total streaming customers stood at 207.6 million at the end of March.
No wonder 70% of what they make is pure trash !
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