Netflix shares fell on Tuesday, after the streaming giant disclosed that it had added only 3.98 million subscribers worldwide during the first quarter of 2021.
The company says it expects to add only 1 million new subscribers for the current quarter. Its management team, led by co-CEOs Reed Hastings and Ted Sarandos, had forecast a gain of 6 million, compared with an increase of 15.8 million in the year-ago quarter, which had been fueled in part by stay-at-home orders due to the coronavirus pandemic. "We had those 10 years that were smooth as silk, and we are just a little bit wobbly right now," co-CEO Reed Hastings said on the company's earnings call.
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