Netflix shares plunge amid fears coronavirus boom is over

Sun Online Desk

21st April, 2021 10:32:23 printer

Netflix shares plunge amid fears coronavirus boom is over

 

Video-streaming giant Netflix has reported a slowdown in subscriber growth, sending its shares tumbling.

About 3.98 million people signed up for Netflix between January and March, well short of the projected 6 million.

The company said a lack of new shows may have contributed to the shortfall, adding that it expected this to recover as sequels to hit shows are released.

Netflix shares fell 11% in after-hours trading to $489.28, wiping $25bn off the company's market capitalization.

The streaming service added 15.8 million new subscribers last year as Covid-19 forced people around the world to stay home.

Much of that growth came in Asia, where Netflix added 9.3 million new subscribers in 2020, an increase of about 65% over the previous year.

(BBC)

 

 

 

 


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