Netflix Adds 3.98 Million New Subscribers in Q1... Half of Expected Level
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[Asia Economy Reporter Kwon Jae-hee] The number of new subscribers to video streaming company Netflix in the first quarter of this year was recorded at 3.98 million, significantly below the expected 6.2 million.
As a result, Netflix's stock price plunged 11% in after-hours trading.
The Wall Street Journal (WSJ) interpreted this as "a potential warning sign for Netflix as many countries worldwide are emerging from COVID-19 lockdowns and streaming competition intensifies."
Netflix's net profit for the first quarter was $1.71 billion, with revenue totaling $7.16 billion.
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Overseas market subscribers continued to drive growth in the first quarter. Netflix reported gaining more than 1.8 million new subscribers in regions including Europe and the Middle East, and an increase of 1.4 million subscribers across Asia. Latin America saw 360,000 new subscribers, while the United States and Canada added 450,000.
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