Netflix stocks plunge amid slowdown in subscribers
The company's shares fell as much as 11% in after-market trading
Stocks impacted: Netflix (NFLX)
Netflix reported a large miss in subscriber numbers in its first-quarter earnings report, citing the ongoing coronavirus pandemic, which forced the company to delay some of its big-name shows and films. Global paid net subscriber additions were just 3.98 million versus 6.2 million expected and compared to a quarterly record of 15.8 million new paying users in the first three months of 2020. Netflix is currently projecting 1 million net additions to its global paid subscribers in Q2 FY 2021, which would bring the total to about 208.6 million paid subscribers. On the positive side, Netflix’s revenue soared 24.2% to $7.16 billion, beating estimates of $7.14 billion. Earnings per share came in at $3.75 versus $2.97 expected. Also, the company’s board approved a $5 billion stock repurchase program beginning in 2021. The firm's shares fell as much as 11% in after-market trading.
Make profit n it right now!