World News – CA – Netflix missed third quarter subscriber targets as massive growth amid pandemic slowed

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Netflix failed to meet third quarter subscriber growth targets after posting massive growth in early 2020 as the pandemic fueled streaming viewership

The streaming company said on Tuesday it added 22 million paid subscribers in the third quarter, up from 33 million analysts expected

The streaming service blew analysts’ estimates of growth in subscriber numbers in the first two quarters of 2020 as the pandemic increased streaming viewership numbers

But Netflix also predicted that growth would slow significantly in the second half of the year The company predicted it would bring in 25 million paid subscribers in the third quarter, up from 68 million added members in the period. last year

Indeed, website tracking data from analytics firm SimilarWeb suggests growth stagnated internationally during the June to September period.

Netflix was also not as profitable in the quarter as analysts expected.It reported revenues of $ 1,744 per share, up 18% from last year, but down by compared to $ 2 13 analysts’ estimate But the company exceeded its revenue targets with $ 6 billion in revenue, a 23% increase from last year

Netflix said the Asia-Pacific region was responsible for most of its subscriber growth in the quarter, reporting 1 million paid subscribers

Netflix has added a paltry 180,000 subscribers in the US and Canada Analysts had watched to see if the controversy surrounding the movie « Cuties, » which upset some after its release in the US, would hurt the growth of Netflix in the region The company did not mention the film in its report

Looking ahead, analysts wanted to know more about Netflix’s long-term growth, including its list of upcoming releases, price hike plans, and productions restarting after being shut down by the pandemic

Disclosure: Mathias Döpfner, CEO of Business Insider parent company Axel Springer is a member of the Netflix board of directors

Netflix revenue

World news – CA – Netflix missed its third quarter subscriber targets as massive growth amid pandemic slowed


SOURCE: https://www.w24news.com

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