Netflix doubles its projections for new customers
At the same time, the company warns that the pandemic boost may fade
Stocks impacted: Netflix (NFLX)
The world’s largest streaming service gained nearly 16 million paying customers during the first three months of the year. The company itself had predicted it would add just 7 million during the period. It turned out that Netflix is among the few companies to benefit from stay-at-home orders imposed in order to stop the spread of the coronavirus. Netflix also issued a bullish forecast that it would add 7.5 million new customers for the current quarter, which ends in June. The company warned, however, that it expected fewer new subscribers from July to December compared with a year earlier, as many people who would have joined then are likely to have already signed up. Netflix stocks finished 0.84% lower on Tuesday and may regain ground today amid upbeat projections.
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