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Wednesday, December 6, 2023

Netflix shares lose ground due to lower subscribers target

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The value of shares in Netflix has fallen after the company reduced a new subscribers target.

The streaming service says it is aiming to add about two million customers in the second quarter of this year.

But analysts had expected that number to be as high as 3.5 million. Last year’s figure for the comparable period was 2.37 million.

However, the company did get an extra 2.2 million people in the US to sign up in the first three months of this year, more than had been expected.

Globally, Netflix added 6.74 million subscribers in the first quarter, ahead of its estimate of 6.10 million due in part to a surge in overseas growth as the company launched in 130 new markets.

Shares fell by about 6% in after-hours trading.

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