Netflix adds 3.98M subscribers in Q1, misses estimates
Netflix Inc. announced on Tuesday that the number of its subscribers in the first quarter of 2021 climbed by 3.98 million to 208 million, missing estimates. A year earlier, the company added 15.77 million subscribers in the corresponding period.
“We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays. We continue to anticipate a strong second half with the return of new seasons of some of our biggest hits and an exciting film lineup,” Netflix said in a letter to shareholders.
The streaming giant’s revenue in the three-month period jumped 24% year on year to $7.2 billion, while diluted earnings per share (EPS) stood at $3.75, up from $1.57 reported in the first quarter of 2020.
Netflix shares plunged 12% in after-hours trading after the release of the results.
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