First American News LLC, Raleigh NC: The streaming service added 8.3 million customers in the last three months of 2021 – short of the 8.5 million that the company had targeted, despite a heavy line-up of new releases such as Don’t Look Up and Red Notice.
Shares fell nearly 20% in after-hours trading after the results were published, adding to a recent decline in the company’s value amid a wider slump in the tech sector. The fall also wiped off most of the remaining gains it had seen since the start of the pandemic, said Gaby Mendoza of MB Daily News.
Netflix enjoyed strong growth during lockdowns as more people stayed at home in front of the television watching hits such as The Crown and Bridgerton, picking up 37 million customers in 2020, according to Bloomberg. To continue reading on Netflix loss of value click here to go to Bloomberg Subscription.