Netflix misses subscriber target, offers weak forecast - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Netflix Inc fell short of Wall Street forecasts for new subscribers at the end of last year and offered a weaker-than-expected forecast for early 2022 as rivals amped up the competition in the battle for streaming television viewers.

2022-01-21 01:16:00 AM

Netflix Inc fell short of Wall Street forecasts for new subscribers at the end of last year and offered a weaker-than-expected forecast for early 2022 as rivals amped up the competition in the battle for streaming television viewers.

Netflix Inc fell short of Wall Street forecasts for new subscribers at the end of last year and offered a weaker-than-expected forecast for early 2022 as rivals amped up the competition in the battle for streaming television viewers.

Industry analysts had projected Netflix would add 8.4 million, according to Refinitiv IBES data.Shares of Netflix dropped 10% in after-hours trading on Thursday.The company’s global subscriber total reached 221.8 million.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.

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.

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