Global Economy

Netflix shares fall 11% on slowing subscriber growth


(L-R) Co-CEOs of Netflix Reed Hastings and Ted Sarandos arrive for the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho.

Kevin Dietsch | Getty Images

Netflix reported fourth-quarter earnings after the bell on Thursday. The streamer beat on both the top and bottom lines, but shares plunged 11% in after-hours trading.

Here are the key numbers:

  • Earnings per share (EPS): $1.33 vs 82 cents expected in a Refinitiv survey of analysts.
  • Revenue: $7.71 billion vs $7.71 billion expected, according to Refinitiv.
  • Global paid net subscriber additions: 8.28 million vs 8.19 million expected, according to StreetAccount estimates

Netflix and analysts had anticipated a large jump in consumers toward the end of 2021 when the company released new TV shows and movies that had been pushed to the back half of the year.

The company added 8.28 million global paid net subscribers in the fourth quarter. Analysts had expected the company to add 8.19 million global paid net subscribers, according to StreetAccount estimates. Netflix added 4.4 million subscribers in the third quarter.

This is a developing story. Please refresh for updates.

Subscribe to CNBC on YouTube.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.