Netflix narrowly missed subscriber forecasts for the fourth quarter, reporting a worldwide total of 221.84 million.The gain of 8.3 million subscribers in the period ending December 31 fell just shy of company and Wall Street predictions for 8.5 million.
Netflix also said it expects to have 224.3 million subscribers by the end of the current quarter, which would be a gain of fewer than 2.5 million new customers that also appears to be dampening investor enthusiasm.In its letter to shareholders, the company said the subscriber guidance for the first quarter “reflects a more back-end weighted content slate.” The second season of Bridgerton, for example, and marquee original film The Adam Project, for example, will both launch in March. “In addition, while retention and engagement remain healthy, acquisition growth has not yet re-accelerated to pre-Covid levels,” the letter noted. “We think this may be due to several factors including the ongoing Covid overhang and macro-economic hardship in several parts of the world” like Latin America.Earnings per share, handily topped forecasts at a diluted $1.33, while revenue was in line with expectations at $7.7 billion.The results send Netflix stock down more than 10% in after-hours trading.
It closed the regular trading day at $508.25, a decline of 2%. After hitting all-time highs last fall, it has tumbled to its lowest level since last spring.Netflix faces mounting competition, especially in the U.S., where Disney, WarnerMedia, Apple and others have rushed into the subscription streaming business in the past two-plus years.
As it looks to continue stepping up spending from the $17 billion it laid out in 2021 for programming, Netflix last week phased in its second price hike in the
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