Diondon
Thanks to the lawyers uh, I marbled the foyer
Netflix shares tank 20% on weak subscriber outlook - CNN
New York (CNN Business)Netflix's stock fell as much as 20% in after hours trading due to a bad outlook for its future growth.
Netflix (NFLX) now has 221.8 million subscribers globally. It added 8.2 million subscribers in the fourth quarter of 2021, the company reported on Thursday.
That number slightly missed the streaming service's own expectations, which had the streamer adding 8.5 million subscribers.
However, the big news was that the company also forecast that it would have 224.3 million subscribers for the first quarter of 2022. That's a growth of only 2.5 million, which is less than what analysts were expecting.
Given competition from the likes of Disney+ and HBO Max, which is a unit of CNN parent company's WarnerMedia, Netflix is trying to offset its slower growth with higher subscription prices.
One bright spot for the streamer was in the US and Canada, where subscriptions increased by 1.2 million in the fourth quarter -- a sizable jump from the roughly 70,000 subscribers in added in the prior quarter.
Netflix's massive slide Thursday also hit other streaming companies. In after-hours trading, Disney shares fell roughly 4.5% and Roku was down about 6%.
Wow, that's crazy
New York (CNN Business)Netflix's stock fell as much as 20% in after hours trading due to a bad outlook for its future growth.
Netflix (NFLX) now has 221.8 million subscribers globally. It added 8.2 million subscribers in the fourth quarter of 2021, the company reported on Thursday.
That number slightly missed the streaming service's own expectations, which had the streamer adding 8.5 million subscribers.
However, the big news was that the company also forecast that it would have 224.3 million subscribers for the first quarter of 2022. That's a growth of only 2.5 million, which is less than what analysts were expecting.
Given competition from the likes of Disney+ and HBO Max, which is a unit of CNN parent company's WarnerMedia, Netflix is trying to offset its slower growth with higher subscription prices.
One bright spot for the streamer was in the US and Canada, where subscriptions increased by 1.2 million in the fourth quarter -- a sizable jump from the roughly 70,000 subscribers in added in the prior quarter.
Netflix's massive slide Thursday also hit other streaming companies. In after-hours trading, Disney shares fell roughly 4.5% and Roku was down about 6%.
Wow, that's crazy
