Netflix Shares Plummet as End of Coronavirus Lockdowns Spells Weak Subscriber Growth

Netflix shares plummeted late Tuesday and into Wednesday as the streaming entertainment giant warned of weaker-than-expected subscriber growth in the months ahead. The slowdown comes as Netflix faces the end of coronavirus lockdowns, which had previously boosted the company’s subscriber base as people trapped at home sought online entertainment. On Tuesday, Netflix announced first quarter results that fell short of Wall Street’s expectations, with 3.98 million new customers for the period, significantly below the projected 6 million. “We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays,” the company said in a letter to investors.-- More...