Business
Netflix shares plunge as pandemic boom comes to screeching halt – Sydney Morning Herald
Netflix has been warning for months that growth would slow after customers emerged from COVID hibernation, but few expected it to stall so dramatically.
The boom Netflix enjoyed during the pandemic came to a dramatic halt on Tuesday (US time), when dismal subscriber growth sent its shares plunging as much as 13 per cent.
The streaming service added just 3.98 million subscribers in the first quarter, missing Wall Streets estimate of 6.29 million and its own forecast of 6 million. The current quarter will be even more challenging, with Netflix predicting 1 million new customers – a fraction of the 4.44 million projected by analysts.
Netflix has been…
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