Shares plunge by almost 20%, with pandemic-fuelled streaming boom fizzling out and competition growing
Netflix’s market value plunged by almost a fifth after forecasting a dramatic slowdown in subscriber growth in the first quarter, as the pandemic-fuelled streaming boom fizzles out and competition from newer rivals such as Disney+ grows.
Netflix expects to add only 2.5 million new subscribers globally in the first three months of the year, well down on the 4 million new sign-ups in the first quarter of 2021, and almost half the number expected by analysts.